“Spanish anti-austerity party Podemos backtracked on a pledge to restructure the country’s public debt, saying it may not be needed. ‘In Spain, putting an end to austerity doesn’t imply a unilateral debt restructuring — it’s not necessary,’ Nacho Alvarez, head of economic policy for Podemos, told reporters in Madrid. Instead, the party is looking at private debt relief, including a possible restructuring of household mortgage debt, he said. Podemos’s leader Pablo Iglesias previously highlighted the need to restructure Spain’s 1.1 trillion euros ($1.21 trillion) of debt, matching rhetoric from his allies in Greece’s Syriza party as he primes his new party to fight elections later this year.”
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