Brussels oversees Spain's deficit cuts (3)

08:54, May 17, 2010      

Email | Print | Subscribe | Comments | Forum 


Reaction to Spain's cuts from the European authorities was fast. From Brussels, Financial and Monetary Affairs Commissioner Ollie Rehn said Zapatero's policies "seem in the right direction", while European Commissioner for Competition Joaquin Almunia described them as "a logical step", adding the budget cuts were "strictly necessary" to "avoid greater damage in financial markets and to overcome the crisis as quickly as possible."

Even U.S. president Barak Obama, who had earlier telephoned Zapatero to persuade him of Brussels' recommendations, celebrated the "brave policies" adopted by the socialist government.

Most experts and analysts agree the measures are necessary but insufficient to rein in the deficit and consolidate an economic recovery.

Jose Carlos Diez, chief economist at Intermoney, said "the measures are necessary, they surpass our expectations and place Spain in the path of budget stability, which has delivered such good results in the last 15 years."

【1】 【2】 【3】 【4】 【5】

  • Do you have anything to say?


Special Coverage
  • Focus On China
  • Shanghai World Expo 2010
Major headlines
Editor's Pick
  • Webber takes F1 lead with Monaco win
  • Volcanic ash to close London's Heathrow airport
  • Child model competition held in Jakarta
  • Exposition of cars produced before World War II
  • Vintage car exhibition held in Sofia
  • Humanoid robot "I-Fairy" acts as witness at wedding ceremony in Tokyo
Most Popular
Hot Forum Dicussion