You complainI cannot say anything on the ECB

Are you satisfied with the issuance of debt Thursday

Yes, the application has been important. We have managed to raise the amount maximum that we look at and, just after the operation, the rate was slightly lower than the market. Risk ("spread") from the Germany to is also upgraded on outstanding bonds, both titles in 15 years on those 3, 5 and 10 years. With this program, we have now achieved 63-64 of our annual programme, which amounts to EUR 97 billion in long-term debt.

July bond maturities are now provided. Are there not other this year for long-term debt. Do you think that the Spain is out of case

I have never considered that we find it difficult to meet the deadlines of July. Having debt coming to maturity is not a surprise, we are expecting long before, including setting the schedule of repayments on high tax revenues.

Do you think that the Spain may be degraded soon

Moody's placed the note of the country under negative surveillance two weeks ago, which means that the note can be lowered in the coming months. But I hope that we will arrive to convince them that we do not deserve such a penalty. In September, the Spain will prepare its budget for 2011. This will be an opportunity to show that it is committed to a rigorous policy and noted the progress already made this year. The restructuring of the banking sector and the reform of the labour market are also hallmarks of good will. Finally, the Spain registered no failure in its emissions of debt this year, even though he had to pay more.

How "sell you" Spanish debt What is your main competitor

We are in competition with all the debts of the euro area. As an important borrower, our role is to be predictable and regular. For example, we do not seek to raise more debt announced in each operation. Our job is to explain to investors our strategy but also economic reforms. This year, we have strengthened the device, there are more presentations to investors than usual. London and Paris, we have a tour in Asia and I went to the United States with the Secretary of State José Manuel Campa. I meet investors - at their request - almost every week now. But despite the crisis, we have not made major changes. We simply pass a law to make negotiable loans under German jurisdiction. This allowed us to achieve a first series of operations in July. The surveys amounts fit into long-term debt program. We are also trying to lengthen the maturity of the securities issued.

Has the share of domestic investors increased with the sovereign debt crisis

No, the rumours that only Spaniards buy our debt are false. Was seen in syndication that non-residents accounted for 66. Between the end of 2009 and now, the share of domestic buyers of short and long term papers has increased from 47 to 50.

The European Central Bank (ECB) has not purchased from Spanish titles under its special programme. You complain

I cannot say anything on the ECB. However, I note that the difference in the Spanish rate in 10 years with the German Bund rose, from basis approximately 70 points at the end of 2009, more than 200 points today. But in terms of absolute rate, the increase is much less significant: it rose from 4 to 4.7, which means that our cost of funding has not exploded.