The State of the Union Debate that took place yesterday was clearly a farewell for Spanish president José Luis Rodríguez Zapatero. He took the chance to defend reforms that he put in place and proposed a collection of new recovery measures, few of them concrete and well-developed.
The first of them dealt with foreclosed homes. No bank will be able to get 961 euros per month from any foreclosed client. The current limit is only 641 euros.
Zapatero announced two additional measures. They were a clear indicator to the markets and its international groups that this Spanish government has compromised the national budget and will provide some stability to the Eurozone. Zapatero said that in the next Congress on Fiscal and Financial Policy, he will try to enact a new rule to limit regional expenditures.
Sources from Moncloa recognized that Zapatero took a leftist ideology less than a year after general elections. And last night he showed some conviction, arguing that it is important to "realize all necessary reforms? but not at the cost of breaking social equilibrium."
That said, the president opened the door to undertake decisive yet selective action in order to meet his agreement to create fiscal consolidation.
Edited and Translated in English by Brandon Dyches and Jose L. De Haro
