LOC17:06
14:06 GMT
MADRID, Dec 22 (KUNA) -- Spain needs five years to "correct Structural
imbalances" in national economy and to achieving prosperity and welfare of the
Spanish people, Prime Minister Jose Luis Rodriguez Zapatero said here
Wednesday.
In a speech in parliament here Wednesday Zapatero Said "We have been
fighting the crisis for two years and we will need five years to correct the
structural imbalances in this economy," calling for unity to solve Spain's
economic difficulties.
He added that "Economic growth requires cooperation between all parties and
their involvement in serious and persistent work to meet the challenges of the
new era", appealing to national political parties to shoulder its
responsibilities and make efforts to take the appropriate economic measures.
He stressed that ensuring financial stability in Spain requires the
adoption and application of a number of economic measures, and in particular
the reform the pension system, calling for taking the resolution seriously and
with much of firmness and foresight.
He defended the importance of raising the retirement age to 67 years,
saying that " if Spain wishes of owning pension system like those owned by
Germany or Sweden, it must have to redouble its efforts and continue to work
hard to build a solid economy that would able to overcome obstacles and cope
with future requirements".
A pension overhaul slated for Cabinet approval on Jan. 28 includes rising
the retirement age to 67 from 65 and increasing the number of years used to
calculate benefits as part of a set of economic measures taken by the Spanish
government in an attempt to accelerate economic growth and reduce the deficit
in the state budget and to address the effects of the global economic crisis.
Spain's parliament approved yesterday the 2011 austerity budget aimed at
cutting the debt-strapped country's deficit and righting its strained public
finances, as well as at reducing the public deficit from 11.1 percent of
annual output last year to six percent in 2011 and to three percent, the
European Union limit, by 2013. (end)
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