Spain's P.M. vows to reduce deficit

[Joanne98]

Source: AP

MADRID (AP) — Spain's prime minister said his government will reduce his country's deficit by forging ahead with austerity measures and aims to ease debt fears by making banks and regional governments reveal detailed financial information about restructuring and savings.

Jose Luis Rodriguez Zapatero was responding Saturday to heavy market pressure and fears that Spain might need a bail out similar to that put in place for Ireland and Greece.

Zapatero spoke after meeting with the heads of 37 of the country's largest businesses and said Spain's deficit reduction and increased competitivity plans would reinforce international confidence.

Among those present were Emilio Botin, president of Banco Santander S.A., the country's largest bank, Cesar Alierta of telecommunications giant Telefonica S.A. and Antonio Brufau of energy company Repsol YPF.



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[PSPS]

1. "Zapatero spoke after meeting with the heads of 37 of the country's largest businesses"

Zapatero spoke after meeting with the heads of 37 of the country's largest businesses and said Spain's deficit reduction and increased competitivity plans would reinforce international confidence.

Among those present were Emilio Botin, president of Banco Santander S.A., the country's largest bank, Cesar Alierta of telecommunications giant Telefonica S.A. and Antonio Brufau of energy company Repsol YPF.

Why even bother continuing the charade of having an "elected government?"