Brussels oversees Spain's deficit cuts (3)

08:54, May 17, 2010      

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"IN THE RIGHT DIRECTION"

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."


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