Spanish finance minister: We're doing enough to put house in order

I should start by going over some of the facts regarding the current Spanish economic situation.

It is true that Spain faces a large fiscal deficit reduction - from 11.2 percent of gross domestic product in 2009 to less than 3 percent in 2013. It's also true that part of the deficit comes from structural vulnerabilities in the Spanish economy. But it's equally important to emphasize some strengths in our economy that are often overlooked.

First, our levels of public debt are quite low compared with European standards. With a current debt-to-GDP ratio of 53 percent, 20 percentage points lower that the euro-area average, we aren't expecting the debt levels to exceed 75 percent of GDP at any time in the future. Second, Spain has an institutional framework characterized by stability. Third, Spain has a dynamic and diversified economy, with large companies that in the past 15 years have become dominant global players in growth areas, such as infrastructure, telecommunications, financial services and renewable energies.