A tough way to economic recovery for Spain

16:25, June 11, 2010      

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Spain's Economy Minister Elena Salgado arrives at the venue of the G20 Finance Ministers and Central Bank Governors meeting in Busan June 4, 2010. Finance ministers and central bankers from the Group of 20 wealthy and developing economies gather in South Korea on Friday to grapple with Europe's debt crisis, financial reforms and efforts to rebalance the global economy. (Xinhua/Reuters Photo) The Spanish government has taken drastic measures to reduce public spending, aimed at reducing the country's fiscal deficit and public debt. This however has affected the country's economic recovery which was shown in the first four months of this year.

May was a dramatic month for the Spanish economy and that forced the government to take drastic decisions.

The first week of May saw 61,240 million euros of Spanish equity evaporate, which is more than half of the amount of the rescue package agreed for Greece.

Meanwhile, the debt problems in the weaker economies of the Euro Zone reached crisis point on May 7. Under pressure from the political institutions, the Central European Bank (CEB) began to buy the sovereign debt of these countries.

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