Spain's Ordoez: politics is costly

Involving savings banks in the political debate makes it immensely difficult to find flexible and effective solutions, said Miguel Ordoez, the governor of the Bank of Spain.

Ordoez said that past experiences in Spain and abroad showed that prudence and discretion were prerequisites for reducing the costs of possible solutions for troubled institutions. He said that otherwise the authorities' work is made more difficult and taxpayers ultimately paid a higher price.

The governor made the

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