IMF Backs Spain’s Economic Stability Measures, Says Country is on Path to Recovery

The International Monetary Fund has backed the recent austerity measures put in place by Spain, saying the moves have put the country on a path toward economic stability and encouraged all Spaniards to back the government’s plan.

Dominique Strauss-Kahn, head of the IMF, expressed confidence in Spain’s recovery efforts and called the austerity measures “very effective” while also saying the labour market was heading “in the right direction.”

Strauss-Kahn had met with Spain’s Prime Minister Jose Luis Rodriguez Zapatero on Thursday and the two discussed the country’s recovery efforts, Zapatero has insisted that his country’s economy was in good standing despite the numerous spending cuts the government has instituted and the highest unemployment rate in the EU.

Those factors have had many Spaniards fearing an IMF bailout could be in line. Zapatero has denied any such plan and remains confident the austerity measures will bring stability to the economy.

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