American and British deficits are similar

A "roadshow" yesterday in London, another today in Paris. University renamed the Iese Business School, José Manuel Campa, today Secretary of Spanish economy, mission is to extinguish the extension of the late Greek and investors of the solvency of the Spain. The issue is important. The Spanish Treasury plans to issue 200 billion euros of bonds this year. Representing 55 of the gross domestic product in 2009, the debt of the Spain should rise to 63 in 2010 to represent 75 of GDP in 2013.

That inspires you the persistent concern of markets for the Spain, despite a 50 billion euro austerity plan

It is a little early to say whether or not the general feeling has changed. Should not be slave markets and judged good or bad economic policy based on the reaction of the stock market decline or increase the rating of our debt. Our plan is clearly in the right direction. It meets our commitments under the stability pact to reach a deficit of the public accounts of 3 in 2013. In the matter, can us credit for having always responded to our commitments.

But your plan is based on forecasts of growth more optimistic than those of the international monetary fund...

It was played this year on a decimal places. We are building on a decline of 0.3 GDP and the IMF on 0.6. In June of last year, our forecasts differed more than 0.6 point and in the end the Spanish economy will finish 2009 on a negative 3.6 growth, as we expected it. I think that we are realistic for this year. Beyond that, everyone is in agreement on the economic scenario that awaits us. There will be a process of growth measured because of the negative impact of the domestic demand. Which will be not creator of jobs in the year. And which will depend on the behavior of the sector outside and the world economy and that of the return of confidence of households, with a stabilization of their savings rate, which has doubled in a year and a half.

How to convince investors that your situation is compared to that of the Greece

There is a somewhat simplistic analogy. The Spain is in a period of strong recession with a large budget deficit and drags a deficit of Auditors current for several years. But our economy has experienced a major boom, this last decade, centered on the construction. There is today a reallocation of productive factors to other sectors. This differs from the crisis, essentially cyclical, that have known countries such as the Germany or the France. Which is why our recovery is a little slower and more painful for jobs. But, unlike the Greece, we had hitherto a well-balanced structure of our public accounts and low debt levels. Our current account deficit, which was based on a differential between excessively important investments, mainly in real estate, and a low savings rate is reduced year last of 50. Finally, export, we have lost less market share than the France, the Italy or the Netherlands...

The deficit of public accounts (11.4) and unemployment (18.8) Spaniards are nonetheless spectacular...

American and British deficits are similar. We know own adjustment, related to the construction, which translates into a large destruction of jobs. But if you look at the situation in the United States, the unemployment rate has also doubled. Washington and London had to inject massive sums to save their financial systems, which was not our case. If we compare the situations, at least there is match zero.

You believe in a conspiracy against the Spain

Non. It is for the Spain a quick and easy analogy to the situation in other countries. There is only the awakening of skeptics previously forced to silence the success of the euro. That was a great asset for the Spain.

The increase of the risk premium of the good Spanish poses it it a big problem

It does not welcomes, but this is not a problem in the sense where this will not prevent us from placing our debt, even though this will cost us a little more expensive. And this will not stop our growth potential. The Spain has a sustainable debt level.