Zapatero Says Spain Needs 5 Years to Correct Economy - Bloomberg: "Spain needs five years to “correct” imbalances in its economy, Prime Minister Jose Luis Rodriguez Zapatero said, as he pledged not to backtrack on an “ambitious” pension overhaul.
“We have been fighting the crisis for two years and we will need five years to correct the structural imbalances in this economy,” he told lawmakers in Parliament in Madrid today as he called for unity to solve Spain’s economic difficulties.
He pledged that a pension overhaul slated for Cabinet approval on Jan. 28 will be “as ambitious” as the government’s first proposal a year ago that included raising the retirement age to 67 from 65 and increasing the number of years used to calculate benefits."
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