Obama, Spain PM discuss global economy

08:31, May 12, 2010      

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U.S. President Barack Obama on Tuesday called Spanish Prime Minister Jose Luis Rodriguez Zapatero for discussing the global economic situation.

According to a White House statement, Obama and Zapatero discussed the importance of Spain taking resolute action as part of Europe's effort to strengthen its economy and build market confidence.

Spain acts the European Union (EU) Presidency in the first half of 2010.

Early on Monday, the EU presented a 750-billion-euro (about 952- billion-U.S. dollar) rescue package, in a bid to prevent spreading of the Greek debt crisis to other indebted eurozone countries like Spain and Portugal.

The package, designed as a safety net for eurozone countries, would include 440 billion euros in loan guarantees by eurozone governments, 60 billion euros from the EU budget and 250 billion euros from the International Monetary Fund.

Markets saluted the deal and soared on Monday, but they lost some ground on Tuesday due to concerns over the effectiveness of the rescue mechanism and a worsening economic outlook for Europe amid the debt crisis.



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