Mariano Rajoy is inducted into Noah denkt™’s Hall of Fame

Statement, drafted and published on May 1, 2012

Listen to this. This is the original speak of Spanish prime minister Mariano Rajoy during a regional party meeting in Madrid on April 29. (See English translation below, footnote ***)

  “… cada viernes continuarán las reformas; el viernes que viene, también. (….) Hasta el fin de la legislatura. (…) Lo entiendo perfectamente. Muchas personas pueden no comprender en un determinado momento las decisiones que estamos tomando. Pero el problema es la crisis, la recesión, el desorden de las finanzas públicas. Hay que hacer cambios estructurales y tomar medidas integrales. (…) Ahora se oponen [hablando de la oposición] a todo, se oponen a las reformas. (…) No entienden, o no quieren entender, que para salir del pozo hay que hacer lo que ellos no hicieron. Hay que hacer exactamente lo contrario (…) [y] lo menos que podían hacer es callarse.” (excerpts recovered from El País, April 30, 2012)

In all this gloom which is surrounding the Euro crisis at this time, these words of Mariano Rajoy clearly represent the most encouraging pro-Euro statement we have heard in a long time. They deserve our highest praise. And they merit that Mr. Rajoy should be admitted into our Hall of Fame as of today. (See: www.noahdenkt.com/noahdenktwHALLOFFAME.html) Surely, fate and financial markets will eventually compensate Mariano Rajoy for all the courage, tenacity and wisdom which he is showing in his current role as captain of the beleaguered Spanish ship.

Now, obviously you argue that there are things which he, Mr. Rajoy, has done in the past that weren’t exactly perfect. In this respect, it, probably, wasn’t fantastic that he didn’t cooperate more with his predecessor’s austerity attempts. Of course, it wasn’t great that he wasn’t telling the entire truth when it came to explaining his reform agenda during the election campaign. And certainly, it would be helpful if he spoke a better English and were more in tune with the quick-footed way in which international finance markets act, breathe and feel. But hey, you cannot have it all. And what Mariano Rajoy is giving us is at this time is quite impressive and deserves our entire and wholehearted support.

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Footnote ***: The translation of Mr. Rajoy’s remarks from above read as follows:

“… each Friday the reforms will go on.; this next Friday, as well. (….) Until the ned of this legislative period. (…) I perfectly understand. A lot of people cannot understand at a given moment the decisions we are taking at this time. But the problem is the crisis, the recession, the disorder in our public finances. We simply have to make structural changes and adopt forceful measures. (…) Now [ the opposition] opposes everything, they oppose  the reforms. (…) They don’t understand, or they do not want to understand that to get out of this hole we have to do what they didn’t want to do. It is necessary to do exactly the opposite [of  what they are advising us to do and] (…) the least they could do is to shut up.”    

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