Rehn seeks compromise with Spain

EU Economics Commissioner Olli Rehn forecast on Thursday that the Eurozone would enter a "mild recession" this year, and that Spain must reckon with negative growth of one percent. This prognosis is less negative than the anticipated two percent, nevertheless Spain must do all it can to emerge from the crisis, the daily newspaper La Vanguardia urges: "The EU Commission made a prognosis for 2012 that is less gloomy than expected for our country, fuelling the debate about the necessity of the government's austerity measures. The assumption was that the worse the prognosis was, the better this would be for Spain because it would induce Brussels to show more flexibility. But with wise diplomacy the Economics Commissioner, Olli Rehn, has demonstrated how to juggle our interests with northern Europe's desire for austerity. The EU Commission has pinned its hopes on compromise and negotiations. … Spain should accept Europe's outstretched hand and signal its willingness to reduce its deficit to below six percent to meet the stringent parts of Europe and also the markets half way."

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