By Victoria Waldersee MADRID, March 25 (Reuters) - Spanish Prime Minister Pedro Sanchez said on Wednesday it was unjust for citizens worldwide to bear the cost of what he called illegal U.S. and
Spain's Sanchez: Iran War Inflicts Severe Economic Damage, Global Citizens Suffer
Global Economic Impact and Political Reactions
By Victoria Waldersee
Spain's Economic Losses Amid Iran Conflict
MADRID, March 25 (Reuters) - Spanish Prime Minister Pedro Sanchez said on Wednesday it was unjust for citizens worldwide to bear the cost of what he called illegal U.S. and Israeli actions in Iran, warning the war was inflicting severe global economic damage, with Spanish firms alone losing 100 billion euros ($116 billion) in under a month.
Impact on Spanish Families
"Every bomb that falls in the Middle East hits the wallets of our families," he told lawmakers in a parliament session laying out the reasons for his government's steadfast opposition to the war, a stance that has since been echoed by other European leaders.
IBEX Index Decline
The 100‑billion‑euro figure referred to the decline in the aggregate market capitalisation of Spain's blue‑chip IBEX index since the conflict erupted on February 28.
Government Measures to Mitigate Economic Fallout
Parliamentary Response
Parliament is expected to vote on Thursday on measures proposed by the cabinet last week to help citizens weather the economic fallout, including lowering fuel and electricity taxes and granting fuel subsidies to sectors most exposed to energy price spikes.
Regional Tensions and Political Statements
Netanyahu's Intentions in Lebanon
'NETANYAHU AIMS TO DESTROY LEBANON'
Sanchez, one of the most vocal supporters of Palestinians among Western leaders, also warned on Wednesday that Israel was seeking to inflict on Lebanon the same level of devastation it had brought to the Gaza Strip.
Statements on Israeli Actions
"An emboldened Israeli Prime Minister (Benjamin) Netanyahu aims to inflict on Lebanon the same destruction and suffering that was committed in Gaza," he said, speaking a day after Israeli ministers announced their intent to seize Lebanon's southern territory.
"It's not fair that someone sets fire to the world and the rest of us have to swallow the ashes," he added.
Additional Information
($1 = 0.8619 euros)
(Reporting by Victoria Waldersee; Writing by David Latona and Victoria Waldersee; Editing by Charlie Devereux and Ros Russell)
