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Elena Salgado justifies her management and says she acted to prevent the rescue of Spain

In his account in Congress, the vice-President up to 2011 blamed the ills of Greece and Ireland and ensures that he did not force the exit to Bankia's bourse

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Elena Salgado justifies her management and says she acted to prevent the rescue of Spain

Elena Salgado, Minister of Economy and socialist Exvice-President under whose mandate salaries were lowered to officials, pensions were frozen and difficulty of survival of Bankia was glimpsed, it has made a account of crisis almost exclusively Based on facts, with hardly any ratings.

After hours of debate and numerous speeches by spokespersons of different groups, Salgado concluded that during economic crisis "did right thing", opting for "a gradual approach" in cleaning of balance sheets of boxes, and recalled that it was PP itself that He proposed in 2009 in Congress to reject an "indiscriminate" hose of aid to financial sector, "that do not suppose use of public resources", proposal mainly supported in chamber.

Salgado, who received train of economy already derailed, in words of his predecessor Pedro Solbes, was in government between April 2009 and December 2011. In his appearance in committee of Investigation of financial crisis, in Congress, it has recognized in a generic way that re could be "errors", but also "successes" and that crisis of Greece and of Ireland truncated recovery of Spain. Its objectives in management were: to avoid rescue of Spain, "that would have had disastrous effects for population and committed our future as a country"; To help prevent euro from breaking down; Limit cost to public treasury in aid to banking "to preserve savers and depositors" and to sustain public services: protection of unemployment, pensions, health and dependency.

He admitted that "in part we achieved se objectives and partly not, because circumstances could not be more adverse. It would be foolish to show satisfaction. We contribute to alleviating, rar than avoiding, suffering of most vulnerable sectors of our society. " One day after speech of Solbes, which recognized more than half a dozen errors and serious discrepancies with Zapatero, it attracted attention of some spokespeople descriptive speech of Salgado. Rafael Mayoral, spokesperson of United we can, recriminated him that three months after leaving his position as counsellor for Endesa Chile. In February 2016 he entered council of new Pescanova. Salgado responded that important thing about revolving doors "is to have clear rules. I have nothing to repent for in this matter. The government must go most prepared people. "

Asked by deputy ' popular ' Miguel Ángel Paniagua for reason why Spain did not tackle measures before in financial sector, and if employing a higher level of resources could have prevented worsening of situation, Salgado has been excused that , arriving at Ministry of Economy, in April 2009, "There was still time." Salgado has also recalled that within "discussion" of wher to intervene "faster and faster", a "greater number of comparecientes, with better knowledge", have refused to act "late".

In his opinion, those who claim to have acted as fast as was done in United States with banking in 2008, do not take into account that in that country Federal reserve bought debt in very important quantities, "something that in Europe was not done until June of 2012. If what Mario Draghi had done Jean Claude Trichet one or two years before, I do not know what would have happened "but I thought it would have changed everything.

In response to questions of Francisco de la Torre (Citizens) and Joan Capdevila (ERC) on ir performance at Bankia's exit, Exvice-president has argued that government gave no indication to bank and market supervisors to drive exit to Bankia's bag.

"There were no indications in Bankia"

"The supervisors have said all of m that at no time received any indication from Government regarding exit of Bankia's bag," said Salgado, fighting accusations of Luis de Guindos, Minister of economy, who said it was a Wrong political operation, in which supervisors looked or way. He has also denied that he made any calls to companies to invest in Bankia: "Zero calls for me or anyone who was my responsibility." So he refuted what has been pointed out from government sources. " The Bank of Spain was single protagonist of financial restructuring, "he said.

As explained above, actions of executive led by José Luis Rodríguez Zapatero were limited to legislative functions. "If what he says is that Government and this Parliament passed a law in which capital was increased with differences that made Bankia think it was convenient to go to stock market, of course this government proposed, with advice of Bank of Spain , that legislation, which was ratified by Parliament, "Salgado responded to deputy of tower.

"From re, re is non-opposition of bank supervisor and approval of leaflet by CNMV. Nor do we look to or side or stop looking, it was simply not a question of our competition, "said who was also Minister of Economy and Finance, public administration and health and consumption during two socialist legislatures.

Salgado has maintained a clear discrepancy with Solbes on need to raise public spending in midst of crisis. It has defended Plan E, which granted 8 billion to municipalities for different works, "because it was about occupying construction workers who remained unemployed. It was a matter of alleviating a worrisome situation in that population and many centres were built very valid for dependents, for example ".

It has also expressed itself convinced of need for transfer of 11 billion to Autonomous communities in crisis, also criticized by Solbes. "I do not repent. They needed resources to cope with expenses "and thus prevent a collapse in ir suppliers. He recalled that destruction of employment at time was a record and that deficit envisaged in 2009 was 3% and it turned out to be 11%. However, it clarified to questions of socialist spokesman, Javier Lasarte, that deficit was due "in 100% to fall of tax revenues, because public expenditure was reduced".


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