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    France submitted a question to the Economic and Social Council committee regarding the potential bailout of Spain's economy. While Spain has high unemployment and debt, France believes Spain has implemented reforms and its economy is more solid. However, if Spain were to default on its debt, it could collapse the banking system, cause investors to dump bonds of other vulnerable countries for fear of default, send interest rates soaring, and saddle banks with huge losses, endangering economic recovery. The committee should remain actively engaged on this issue.

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    France submitted a question to the Economic and Social Council committee regarding the potential bailout of Spain's economy. While Spain has high unemployment and debt, France believes Spain has implemented reforms and its economy is more solid. However, if Spain were to default on its debt, it could collapse the banking system, cause investors to dump bonds of other vulnerable countries for fear of default, send interest rates soaring, and saddle banks with huge losses, endangering economic recovery. The committee should remain actively engaged on this issue.

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    5 views1 page

    The Question On The Bailout of The Spanish Economy

    Uploaded by

    min95
    France submitted a question to the Economic and Social Council committee regarding the potential bailout of Spain's economy. While Spain has high unemployment and debt, France believes Spain has implemented reforms and its economy is more solid. However, if Spain were to default on its debt, it could collapse the banking system, cause investors to dump bonds of other vulnerable countries for fear of default, send interest rates soaring, and saddle banks with huge losses, endangering economic recovery. The committee should remain actively engaged on this issue.

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    FORUM: 1st ACMUN Conference COMMITTEE: Economic and Social Council (ECOSOC) SUBMITTER: France THE QUESTION ON THE

    BAILOUT OF THE SPANISH ECONOMY The General Assembly, Recognising that there may be a need for a bailout for the Spanish Economy Noting with deep concern Spains unemployment rate of 21%, a record of 4.9 million jobless and severe public and private sector debt Reaffirming that Spain do not require a bailout Believing that Spain has led a number of reforms, in particular to its banking system, and the economy is much more solid given the measures that have been taken Having considered that if Spain defaults, there will be a collapse of the banking system Noting further, if Spain defaults its debt, investors may dump bonds of other vulnerable debtors for fear that they too would default. Keeping in mind that if Spain defaults, it would send interest rate soaring and saddle European banks with huge losses. A banking crisis would peril economy recovery. Resolves to remain actively seized on this matter.

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