Spanish Prime Minister Mariano Rajoy said Tuesday his government planned to restructure the financial sector by mid-February in order to boost transparency and competitiveness, as well as restoring confidence of international markets.
Rajoy, speaking to the official news agency (EFE), ruled out the establishment of a bank to purchase “corrupted debts” nor increasing the valued added tax (VAT) because it would be “unfair” on the Spanish people.
Rajoy, however, asserted the importance of raising income tax to addressing the deficit that exceeded 20 billion euros.
The prime minister said strengthening the Spanish economy was a top priority as the number of the unemployed was five million people.
Rajoy said his government would improve salaries, social security, free-of-charge health care and education. “That takes time and effort,” he added.