The IMF calls for financial reforms

The International Monetary Fund (IMF), the European Union (EU) and the European Central Bank (ECB) think that the most critical financial sector reforms are "going smoothly," but urge the Spanish government to have the strength to make even more hard decisions.

For this reason, in its primary evaluation of the Spanish government's plan, the IMF warns that it still has significant, challenging issues to clear up, and doing so will require "major action."

The IMF recommends Rajoy and team to liquidate the unhealthy banks as soon as possible,execute the reform schedule as soon as possible and block mergers that will not create value. Similar in style, the IMF, EU and ECB are patting the Spanish government on the back with one hand and pushing it to meet its obligations with the other.