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Rise in Spanish spreads 'not justified' : Zapatero

Source: Reuters - Tue 23rd Aug 2011

The recent rise in the spreads of Spanish sovereign debt against German debt is not justified, Spanish Prime Minister Jose Luis Rodriguez Zapatero said on Tuesday in Parliament.

Spain's economy is growing despite the extreme market volatility but the turbulence threatens to prolong the country's economic crisis, the Prime Minister said.

Zapatero was speaking at a session of Parliament to explain additional fiscal consolidation measures approved last week.

Spain is committed to reducing its budget deficit to 6 percent of gross domestic product in 2011 from 9.2 percent in 2010.

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