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Chancellor Merkel backs Spain reforms

Thu 3rd Feb 2011

Germany's Chancellor Merkel today gave her backing and support to Spain, saying how the country was following the right course with its crisis measures and pledged that the euro zone would have made significant steps to strengthen economic stability by March.

"Spain has really done its homework now and therefore I believe Spain is now on a good path," the Chancellor stated at a news conference held jointly with Spanish Prime Minister Jose Luis Rodriguez Zapatero follwing a summit between the two premiers in Madrid.

Merkel went on to say how she expects the markets should react well to Spain's recent banking and labour reforms, a show of confidence to investors who have been concerned that the country has been doing too little to slash its budget deficit and avoid a similar bailout to seen in other european countries.

Confidence in Spain has grown following last week's pension reforms and figures release showing how the cajas have a lower exposure to the property market than was initially thought.

Merkel was meeting with Zapatero to discuss their finding common ground on euro zone economic coordination, ahead of the European leaders' summit tomorrow where France and Germany are expected to present a joint proposal to make the Eurozone more competitive.

Being the lagest Eurozone economy, Germany is unwilling to finance rescue packages for countries on which encumbered themselves with excessive debt during better economic times. "Germany, Spain and all our partners in Europe have to take several important steps by end-March on the stability and growth pact and so that the competitivenesspact can be implemented. If we do that it will be an important signal," she continued.

The unity Merkel and Zapatero today was a marked difference with meetings held last year were Germany and Spain differed with regrads to how to deal with the debt crisis that threatened the economic stability of the eurozone.

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