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Spain PM says firm on deficit cut pledge in 2011

Source: Reuters - Tue 23rd Aug 2011

The government is still sure it will meet its target to cut public deficit to 6% of GDP by the end of 2011, Prime Minister Jose Luis Rodriguez Zapatero said on Tuesday.

The budget deficit target will be achieved thanks to the new economic measures announced by the government last week, which will also help to create jobs, Zapatero said in Parliament.

Separately, the prime minister said that the European Central Bank's bond buying program can only be transitory highlighting that Spanish bond auctions over the last 2 months have seen significant participation by non-Spanish residents.

Eurozone countries are working to approve the agreements reached on July 21, the prime minister said at an extraordinary session of Parliament to explain additional fiscal consolidation measures approved last week.

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