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Spain and other debt-laden governments will tackle their budget deficits with as much aggression as is possible without damaging economic growth, Prime Minister Jose Luis Rodriguez Zapatero said on Friday.
However, the Spanish leader said the pace of fiscal consolidation would not be dictated by financial markets which were largely to blame for the credit crisis.
"Of course, we are going to reduce the deficits but not in the interest of a few funds. We are not going to fall in the trap of the ideas of those who created the financial crisis," Zapatero told a conference in London.
"We are going to reduce the deficit with the maximum austerity possible."
Zapatero also defended the Greek government, which is struggling to contain a debt crisis.
"The largest majority (in Greece) has no responsibility for what has happened and much less Papandreou's government that deserves trust for the steps it has undertaken and the credibility it has shown," he said.