“Our debt is owed to each other, Europe’s fundamentals still are sound”

The chairman of Telefónica César Alierta defended at the opening of the Latibex Forum the strength of the European economy. Here is an extract from the Cinco Días chronicle of the event, with some interesting statements made by Mr Alerta.

“César Alierta, chairman of Telefónica, said that the Spanish operator is the largest investor in Latin America, adding that this year it will invest more than €5 billion. Mr Alierta said that since last year Telefónica has invested €13 billion in the region and since 1990 it has accumulated an investment of €108 billion.

In macroeconomic terms, Mr Alierta said that the fundamentals of the region are very good and that it is the region with greatest growth potential.

“The most important fundamentals in the world, taking into account debt, deficit or current account deficit, after China, are clearly to be found in Latin America and then Europe.”

Alierta defended the robustness of the European core, with less debt and deficit that the US or Japan, while highlighting the enormous opportunities that Latin America represents.

“All the debt we Europeans owe is to one another. The economic fundamentals of Europe are good, solid, and that is a reality.”