Spain Needs To Set New Economy Management Strategies

European-Central-BankIt has been reported that the government of Europe has taken back its decision of providing aid to Spain and Greece. During a meeting, held in Cyprus, the finance ministers said that the decision to aid the financially disturbed nations won’t be taken before October.

Spain has been asked to rework on its economic management. The President of European Central Bank, Mario Draghi said, “The amount of time that we have -- it’s a very difficult question to answer. You have to ask the markets. If we continue going this way, then one has to be very optimistic”.

Following the announcements, the Euro rose by 1.4% in the markets, which was the highest since May 4. The Financial Markets have been able to do well because of the support of the European Central Bank. It has been informed that the Germany’s constitutional court has come up with 500 billion-Euro permanent bailout fund, also popular as European Stability Mechanism.

The European Stability Mechanism is due to be inaugurated on 8th of October. Spain will also be unveiling new strategies to deal with the financial turmoil of the nation. Looking at the strategies adopted by Spain, Europe will decide whether or not provide further aid.