Ordonez Says Spain Must Face Problems, Not Blame Markets

Bank of Spain Governor Miguel Angel Fernandez Ordonez urged the country to face up to its problems, saying it’s a “waste of time” to blame markets for a surge in borrowing costs.

Spain has to “recognize we have problems,” including “massive unemployment” and the “suspicious attitude of the markets that we have to use to finance ourselves,” Ordonez, who is also a member of the European Central Bank Governing Council, told a conference in Madrid today.