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New Spanish PM Rajoy names cabinet

Spain's new conservative prime minister has been sworn in and appointed his cabinet, including ministers charged with lifting the country out of its severe economic crisis.

Mariano Rajoy was sworn in as premier before King Juan Carlos. He then appointed 12 ministers and said close party colleague Soraya Saenz de Santamaria would be government spokeswoman and deputy premier.

His Popular Party won a landslide victory in November 20 elections on promises to lift Spain out of economic turmoil.

Spain has a eurozone-high unemployment rate of 21.5%, a swollen deficit and stalled economy after a near two-year recession triggered by the collapse of a property bubble in 2009.

Luis de Guindos was appointed economy minister and he will be aided by Cristobal Montoro, finance minister.

Mr Rajoy named Jose Manuel Garcia Margallo as foreign minister and placed Jorge Fernandez Diaz in charge of security as interior minister.

Madrid mayor Alberto Ruiz Gallardon was named justice minister and Pedro Morenes will hold the defence portfolio.

Mr Rajoy and the Popular Party replaced the Socialists, who under Jose Luis Rodriguez Zapatero had been in office since 2004 but were punished heavily in the elections for their handling of the crisis.

Spain has already made sharp cuts to its national spending and introduced several reforms under Mr Zapatero in a bid to convince investors and the European Union but the measures have so far failed to boost the economy much.

The country's borrowing costs spiralled amid fears it might need a bailout like Greece, Ireland and Portugal but in recent weeks they have begun to slip back.

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