Eurozone views Spanish, Portuguese austerity measures as "courageous"

14:13, May 18, 2010      

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Eurozone finance ministers early Tuesday welcomed the fiscal austerity measures announced by Spain and Portugal, calling them "courageous."

"We are of the opinion that the measures taken are courageous and indicate an adjustment trajectory that gives us satisfaction, because they are accelerating their budgetary coordination," Eurogroup Chairman Jean--Claude Juncker told a press conference after the monthly meeting of the ministers.

Juncker said that the ministers will give a final assessment of the measures at a meeting in June.

Talking of the consolidation efforts by member states, Juncker stressed that even though fiscal consolidation is a must, efforts of consolidation will be differentiated among member states, saying that not everyone will conduct consolidation "in a uniform way."

At a meeting a week ago, European Union finance ministers agreed on an unprecedented rescue mechanism worth up to 750 billion euros (956 billion U.S. dollars) to prevent spread of the Greek debt crisis and rebuild confidence in financial markets. They also urged Spain and Portugal to take additional measures to cut their deficits and to present their austerity plans to the ministers on Tuesday.

Source: Xinhua


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