Spanish fortune

Spain’s finance minister, Rodrigo Rato, talks to Karina Robinson about the government’s continued efforts in transforming the country into a dynamic European front player.‘‘If a few years ago someone had said that Iberia would perform betterthan Swissair, I wouldn’t have believed it. Or that Banco Popular wouldbe admired by all. Or that while France and Germany perform worse thanothers, Spain is doing well,’’ says Javier Valls, chairman ofMadrid-based Banco Popular. Europe no longer stops at the Pyrenees, asthat oft-used phrase had it a few decades ago. Not only is Iberiaposting profits while Swissair went bankrupt a couple of years ago, butSpain also boasts world-class banks such as Banco Popular, BBVA andSantander Central Hispano, world-class corporations like Telefónica andoil company Repsol, while its adherence to fiscal rectitude – resultingin an AAA rating – has produced stronger growth than many of itsnorthern neighbours.