Pedro Solbes, former deputy prime minister with Zapatero, dies at the age of 80

Spanish state economist, lawyer and politician Pedro Solbes (Pinoso, Alicante, 1942), died this Saturday at the age of 80, reports Efe.

He held high positions in the Spanish administration and in the ranks of the Spanish Socialist Workers’ Party (dogs) before joining the team that negotiated Spain’s accession to what was then called the European Community, the germ of the EU, in the 1980s.

After the country managed to integrate into the bloc, Solbes held the portfolio of agriculture (1991) with the government of Felipe González, before taking charge of the economy and finance between 1993 and 1996.

However, his political career peaked when he joined the Executive Committee Jose Luis Rodriguez Zapatero 2004, taking up the position of Vice-President and Minister of Economy and Finance, positions he held again when the PSOE won the elections in 2008. That year saw the onset of the global financial crisis that would eventually hit Spain and force the executive to approve the first of a long list of cuts to rebalancing public accounts and cleaning up banks.

In 2009, with the reconstruction of the government, Zapatero replaced him with Elena Salgado.

Solbes also worked on the board of the Italian power company Enel and as a director of the British bank Barclays.

In 2018, he admitted to the Congressional Commission of Inquiry into the 2008 financial crisis that he made several mismanagement at the head of the economy in the moments before the real estate bubble burst.

He blamed Zapatero himself for not opting for a more restrictive policy of consumption and reforms of the financial system, which were started when it was already too late. He also admitted that he was wrong in his macroeconomic projections, which did not predict the 2009 recession.

condolences

The Socialist Party released a statement regretting his death and thanking him for his “public service to Spain and the European project.” “The socialist family wants to convey its love and respect to his family and loved ones. As well as the memory of his exemplary career in the service of Spain and its institutions. Thank you, colleague Peter. Thank you for contributing to the improvement of everyone’s life. Goodbye, Pedro, and thank you,” the letter reads.