Rajoy: "We knew that it would not have miracles"

The President of Spain said that the adjustment measures will have effect "in the future". It further clarified that it has taken "no decision" on a possible rescue

"The Government knows where it is going." ""We will overcome the situation," said in a press. hearing""We committed to the path of reforms and the struggle to clean up our accounts".

The President insisted on defending the last settings that for now only have worsened the economic and social situation in the country: "we knew it was not going to be miracles, but with perseverance, the results come.""I am sure that will come." "I know that many decisions can be discussed, but no one can say that the Government has not taken any decisions".

The President has proposed the need for banking and fiscal union in the euro area. This would allow that  to rescue the banks no longer included within the Spanish public debt 2013. The same Rajoy has recognized that the year that comes Spain have to pay "8 billion more than interest on debt".

About the possibility that Spain have to be rescued by full, Rajoy said that no decision has not yet been taken.

After his meeting with the Prime Minister of Italy, Mario Monti, Rajoy said that so far does not intend to lower pensions in 2013, which was one of the possibilities that some within the future adjustments. Neither "we intend to make another labor reform", the President told a Japanese journalist. "That did is an excellent instrument for the future."

"Debt is the large slab which weighs on our country". "We have over 900,000 million euros of debt". "The causes of our economic situation are the deficit, the lack of competitiveness and the indebtedness of the financial system."

Because of failure to comply with the program that won elections at the end of 2011, Rajoy replied: "no one raises the referendum." The Government was elected for four years with one objective: grow and create employment. "I'm doing a balance of six months, rather than four years".

During the election campaign, he promised not to raise taxes and create more jobs, something that ended by betraying continuously with the programmes of cuts passed during its seven months of Government."I insisted on that we had to reduce the deficit, cité labor reform and the restructuring of the financial system." "All that was on the agenda", he defended.