Pedro Solbes indicates that the American crisis will not infect to the Spanish economy

    Pedro Solbes, vice-president second of the Government, has indicated that the American real estate crisis has “a relatively small” impact in the Spanish economy. It discarded that the crisis untied in the USA had a contagion in our economy. It trusts that the stock markets recover the normality and that the strong turbulences given in the American market have consequences limited in Spain.

    It establishes that good numbers in Spain like related to the growth and the inflation occur. Solbes affirms that the Spanish situation is relatively comfortable against the consequences of the American crisis caused by the mortgages sweepings, although also indicates that totally we are not protected of the external effects and that they can affect to us what happens in the economies European, Asian and American.

    Solbes indicates that the growth of the GIP, a 4% in the second trimester of the 2007, one tenth less than the previous trimester, is coherent with the correction that the government anticipated and with certain fall of the activity that already hoped, and that it does not have to do with the problems arisen in the markets. 

    The liquidity injections (more than 300,000 million Euros) have had a positive effect according to Solbes, but also it affirms that the lack of liquidity is independent with respect to the decisions of ascent of the types of interest, necessary to control the inflation. With this affirmation Solbes is understood easily that this in favor of an ascent of types of interest by the BCE. 

    It is not necessary to forget that when the European Central bank raises the type of interest, he means that the price raises which gives the money to the banks. The banking organizations evidently also will raise (if they have not raised it already, being foresighted) the type of interest to which they lend themselves to each other money, that is what the Euribor marks. The clients who are going to ask for personal loans will see as they apply a higher interest to them, and also happens with the mortgages to variable interest that they have contracted or that are going to contract.