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Latino Daily News

Friday September 6, 2013

Spanish PM Boasts of Economic Recovery at G-20 Summit

Spanish PM Boasts of Economic Recovery at G-20 Summit

Photo: Mariano Rajoy at G-20 Summit

Click Here to Enlarge Photo

Spanish Prime Minister Mariano Rajoy arrived Thursday in St. Petersburg, Russia, where he plans to convey a message of confidence in Spain’s economy to other leaders attending the G-20 Summit.

Rajoy, who is accompanied by his wife, Elvira Fernandez, and Economy Minister Luis de Guindos, is dealing with a much different situation than at the last G-20 summit, where speculation swirled that Spain might have to be rescued by the European Union.

The Spanish prime minister plans to make it clear to leaders of this group of developed and emerging economies that there is still work to be done, but that Spain is committed to reform and to completely emerging from the economic crisis.

The leaders attending the summit are expected to approve the “St. Petersburg Plan,” an effort to bolster cooperation, promote economic recovery and spur job creation.

Rajoy plans to give Spain’s full backing for the plan since it will help Spain’s economy deal with the challenges it faces.

The Spanish leader also supports another summit goal - eradicating tax havens.

The situation in Syria is not on the official agenda, but the leaders are expected to discuss events in the Middle Eastern country as U.S. President Barack Obama makes the case for a military strike against the Assad regime amid allegations that it used chemical weapons on its people.

Rajoy is scheduled to meet on Friday with the summit’s host, Russian President Vladimir Putin.

The G-20 is made up of the European Union; the G-7, comprising the United States, Canada, Japan, Germany, Britain, Italy and France; South Korea, Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Saudi Arabia, South Africa, Turkey and Russia.

These countries together account for about 85 percent of global economic activity.