Spanish PM defends economic efforts

Spanish prime minister Mariano Rajoy has defended his government’s attempts to shore up the country’s troubled financial sector, blaming the previous Socialist administration for failing to deal with the problem in 2009.

During a parliamentary debate on the offer of a loan of up to €100bn from the 17 eurozone countries – and the lack of a definite plan from the government on how much money it will ask for – Mr Rajoy blamed then-governing Socialists for refusing to acknowledge Spain’s banks were vulnerable over a property boom that went bust.