Álvaro Nadal says that “there was no money in the world to rescue Spain”at its most critical moment

Economy.- Álvaro Nadal says that “there was no money in the world to rescue Spain” at its most critical moment

The director of the Economic Office of the Presidency, Álvaro Nadal, has indicated that “there was no money in the world to rescue Spain” when in 2012 the country’s economy went through its most critical moment. “Not even taking away financial aid to developing countries would have been money to rescue Spain: we needed more than a trillion euros,” he said.

Nadal took part last night in the delivery of prizes to the 100 best financiers of the year that grant the magazine Actualidad Económica and KPMG. Along with the winners, the president of KPMG in Spain and the company’s global vice president, John Scott, and the director of Actualidad Económica, Miguel Ángel Belloso attended the event.

The head of Moncloa’s economic strategy drew a parallel between the work of the financial directors of private companies and the execution of an economic plan carried out by the Government, which, as he has argued, has made Spain, for the first time, been able to grow “for what we produce and export, but not for what we are indebted.”

In a speech marked by the proximity of the general elections – “there has never been so much divergence between the different economic proposals,” he said – Nadal said that if you continue on this path “we will be close to full employment and growing with balance.” But if we invest and do not give prominence to the economic team of the Government, we will have serious problems, “he warned.

He also recalled that “Spain has 22 months with inflation lower than Germany and generating employment on a continuous basis” and insisted that the Spanish economy is the one that has grown the most in exports with respect to its GDP. He has also made a defense of the restructuring and reorganization of the financial sector, which was supported by European funds: “Banks do not lend their money, but that of savers, it’s them we rescue,” he said.

However, he warned that there is a risk that unproductive decisions will be made as has happened in the last decade. As an example, he pointed out the construction of the Ciudad Real airport, which he recalled, “cost around 450 million euros and can now be sold for 10,000 euros, the business has been spectacular,” he said ironically.


During the event, Scott referred to the report of KPMG Global CEO Outlook, based on a survey of more than 1,200 top managers in the world, the position of CFO will be for most of the respondents (53%) the most relevant within a company for the next three years.

Scott noted that “financial managers now occupy one of the most important positions in a company and will be an important part of the transformation process in which they are immersed.” In his opinion, innovation will be the great axis on which this process of change revolves and, as Spanish executives have indicated, technology and, in particular, cybersecurity are two elements that generate great concern in the medium term.