Spain sticking to current austerity plan – Salgado

MADRID, May 6 (BestGrowthStock) – Spanish Economy Minister Elena
Salgado said on Wednesday the government was sticking to its
current austerity plan to reduce the deficit, rather than
considering new measures.

She spoke after Prime Minister Jose Luis Rodriguez Zapatero
on Tuesday described as complete madness rumours of an aid plan
for Spain which sent the local stock market more than 5 percent
lower. [ID:nLDE64322B]

The euro (EUR=: ) and global stocks fell further on Wednesday
on fears that Greece’s debt crisis would spread to other
heavily indebted euro zone countries such as Spain and
Portugal. [MKTS/GLOB]

“More than implementing new measures we have to meet the
measures we have already announced … to reduce the deficit,”
Salgado told La SER national radio.

The government has an austerity plan to reduce the deficit
to under 3 percent of GDP by 2013 from over 11 percent in 2009.

Salgado added that Wednesday’s meeting between Zapatero and
the head of the main opposition party, Mariano Rajoy, was
important so as to establish a united position — something
which has so far proved elusive — to recover from the
recession.

Investment Analysis

(Reporting by Elisabeth O’Leary; Editing by Kim Coghill)
([email protected]; +34 91 585 8295; Reuters
Messaging: [email protected]

Spain sticking to current austerity plan – Salgado