07 Aug '11, 3pm

Spain aims to calm markets with new reforms report - Channel NewsAsia:

Spain aims to calm markets with new reforms report - Channel NewsAsia:

MADRID: Spain plans new reforms this month to bring in an additional 4.9 billion euros ($7.0 billion) and help rein in the public deficit, Finance Minister Elena Salgado said in remarks reported Sunday. Salgado, speaking to the national news agency Efe, also hit out again at the European Central Bank, calling on it to "do its job in supporting stability in the debt markets." Some analysts have blamed ECB chief Jean-Claude Trichet's failure to clearly back Spanish and Italian government bonds last week for contributing to the massive turmoil on the stock and debt markets. Salgado's comments came as world leaders and finance chiefs raced Sunday to come up with some answer to tame the eurozone debt crisis as an unprecedented US credit rating downgrade threatens even more heavy losses on Monday. In a further bid to to calm markets fearful that Spain may be the next eurozone na...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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