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Spain’s Economy Chief Calvino Says No Economic Crisis In Sight

Thomas Gualtieri
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Spain’s Economy Chief Calvino Says No Economic Crisis In Sight

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The global economic conjuncture is creating an unfavorable environment for investments and international trade, but nobody is expecting an economic crisis in the short term, Spanish Economy Minister Nadia Calvino told newspaper El Pais in an interview published Sunday.

“I just came back from IMF, World Bank and G20 meetings. There is concern for the global slowdown, but no one sees a crisis in the short term, and even less so in Spain,” said Calvino. Still, “extreme violence in Catalonia entails a negative message for international markets,” she said.

Calvino spoke as Spain is facing another election -- its fourth in as many years -- on November 10. Polls suggest Calvino’s Socialists will win again, but with nowhere near an outright majority in Parliament.

The economy minister told El Pais that a Socialist-led government won’t raise taxes, and its priority will be sealing a pact to guarantee pensions’ purchasing power once the new legislature starts.

To contact the reporter on this story: Thomas Gualtieri in Madrid at tgualtieri@bloomberg.net

To contact the editors responsible for this story: Charles Penty at cpenty@bloomberg.net, Nikos Chrysoloras, Siraj Datoo

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