Sen. Conrad tells Spain it’s on the right track

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MADRID — A US senator who heads his country’s budget committee told Spain it was heading in the right direction in fixing its financial woes, but said more remains to be done.

“We believe you are on the right track, we understand that more needs to be done and we understand how hard this is,” said Senator Kent Conrad, who is heading a congressional delegation to Madrid.

Conrad, chairman of the US Senate budget committee, spoke to reporters after meeting with Spanish Commerce Secretary Jaime Garcia-Legaz.

The delegation also met with the governor of the Bank of Spain, Luis Maria Linde, to discuss the debt crisis that continues to roil the eurozone.

“The US is committed to accompany the Europeans and the Spanish during the process of implementing a global solution to the current crisis,” said Alan Solomont, the US ambassador to Spain.

The delegation is made up of five US senators and a member of the House of Representatives. They also visited Ireland, Greece and Italy and will head to Portugal.

Recession-choked Spain has secured a credit line of up to 100 billion euros agreed last month by the eurozone countries to stabilise Spanish banks, which are struggling with mountains of bad loans from a property bubble that burst in 2008.

[Image via US Army Corps of Engineers, Creative Commons licensed]