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Spain's Campa Says 6% 2011 Budget Deficit Goal Is a 'Priority'

Source: Bloomberg - Mon 29th Nov 2010

Deputy Finance Minister Jose Manuel Campa comments on Spain's budget deficit goal of 6 percent for 2011. He spoke in a phone interview after the European Commission released a forecast for Spain's budget shortfall for next year of 6.4%.

The Commission "recognizes that the difference is exclusively related - not to a lack of actions or a lack of credibility of the plans for next year - but to the difference in the economic forecasts.

Spain's 6% budget deficit goal for next year "is the priority and we will reach it for sure. And we continue to trust, and maybe this is the most important element, our economic forecasts."

On today's market reaction to the plan for Ireland:

"It's a mistake to look at important actions, such as the 5-year plan for Ireland or the debt mechanism that may start in 2013, based on the market reaction of the start of the day. Economic policy must be drawn thinking in the medium term and the long term and based on fundamentals."

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