Bloomberg.com: Solbes Says Oil, Euro May Help Spain Avoid Recession - by Maria Leaniz and Emma Ross-Thomas
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Solbes Says Oil, Euro May Help Spain Avoid Recession - by Maria Leaniz and Emma Ross-Thomas
Spanish Finance Minister Pedro Solbes said lower oil prices and a weaker euro may help the country avoid a recession. ``We're very close to zero,'' growth, he said in an interview in Madrid yesterday. Still, cheaper crude and the euro's decline may ``allow that if there is negative growth in the Spanish economy that it would be limited, if possible, to one quarter.'' The euro's 20 percent decline since a July peak will help sustain exports, while the drop in oil prices is trimming production costs and leaving consumers with more to spend even as growth slows.
