The IMF, European Commission and the ECB (known in Europe as "the troika") concluded in its analysis of the Spanish bank bailout that the program made significant progress. Still, "We have to stay on guard and make even more efforts ahead," noted officials from the troika. They said that Spain still has lot of work to do as it tries to implement tax consolidation, structural reforms and its bad bank (Sareb), which started sales of 20,000 homes yesterday through four nationalized banks.
The troika's overall message was well-received at a time when reform efforts were just starting to flag. The government announced a local government reform several weeks ago that has not materialized yet, and the rest of Spain's administrations have not been dealt with either. The country has already taken many sacrifices, so it is important that the work gets done.
