Federal Reserve Bank of Dallas President Richard W. Fisher said the markets are underestimating Spain’s ability to repay its debt.

“Spain has probably done more corrective surgery that people don’t realize,” the regional bank chief, who votes on monetary policy this year, told reporters after a speech organized by the American Academy in Berlin.

“It’s my personal opinion” that Spain is “doing a very good job and I think the market will come to realize that over time,” he said.

“I think Spain is going to surprise people and personally I am surprised it’s not priced into the market,” Fisher said. “I would not equate Spain to the situation in Greece or Portugal.”