China hopes Spanish vote will boost confidence

21st November 2011, Comments 0 comments

China said Monday it hoped the commanding victory by Spain's conservatives in legislative elections over the weekend would usher in confidence to boost markets around the world.

Spain's right stormed to its biggest election win ever Sunday, unleashing dancing in the street by voters desperate for an end to soaring unemployment and a eurozone debt storm.

"We hope relevant changes will uplift market confidence," China's foreign ministry spokesman Liu Weimin told reporters.

"China hopes that European countries including Spain, Italy and Greece will overcome current difficulties."

It was further hoped that the election result would also help the European Union implement a package of reforms aimed at addressing the crisis, he added.

China holds about 12 percent of Spain's debt.

Spain's government was the last to fall among the eurozone's so-called periphery nations this year after Ireland, Portugal, Greece and Italy all succumbed to a collapse of confidence in their sovereign debt.

With more than 99 percent of the ballots counted, Mariano Rajoy's Popular Party had 44.60 percent of the vote and an absolute majority of 186 seats in the 350-member Congress of Deputies.

The win gives Rajoy a free hand to ram through severe austerity measures in the eurozone's fourth biggest economy.

© 2011 AFP

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