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Bank of Spain Governor calls for further reforms

Mon 23rd May 2011

Spain must continue with economic reforms if the country is to lower its unsustainably high borrowing costs, Bank of Spain Governor Miguel Angel Fernandez Ordonez said in an interview earlier today.

His comments follow Friday's promise by Prime Minister Zapatero, that there will be no more austerity cuts between now and the elections next May.

"We shouldn't accept having to pay a 200 basis point spread for too long," the Governor told business leaders with regards to the spread of Spain's 10-year government bond over the German benchmark.

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