EU: Spain's Cuerpo withdraws his candidacy for Eurogroup presidency

Madrid (Spain), 7 July (LaPresse) – Spanish Economy Minister Carlos Cuerpo has decided to withdraw his candidacy for the presidency of the Eurogroup. This was announced by official sources at the Spanish Ministry.
The sources explain that, ‘after intense days spent gathering support among Eurogroup finance ministers and following recent contacts in the last few hours, it has become clear that Minister Cuerpo does not have the majority support necessary to ensure the success of his candidacy.’ According to Madrid, ‘in the current context, characterised by major challenges for the eurozone, it is necessary to promote unity and avoid fragmentation within the Eurogroup, a key body for economic decision-making in the Union’ and therefore, ‘in an exercise of responsibility’, Minister Cuerpo ‘has decided to step aside to facilitate a choice based on consensus’. The Spaniard was running for the post alongside Paschal Donohoe, Ireland's finance minister and outgoing president seeking a third term, and Rimantas Sadzius, Lithuania's finance minister.