Spain, Portugal deficit reduction plans 'satisfactory': Juncker

18th May 2010, Comments 0 comments

The finance chief for the eurozone countries on Tuesday said plans announced by Spain and Portugal to reduce their public deficits had satisfied their partners in the zone.

"We are of the opinion that the measures taken are courageous and indicate an adjustment trajectory that gives us satisfaction, because they are accelerating their budgetary coordination," Luxembourg Prime Minister Jean-Claude Juncker told reporters.

Juncker said partners would form a "definitive judgment" during a meeting of the Eurogroup in June, but stressed that the Spanish government had reacted promptly to calls to accelerate cuts amid fears for the eurozone's future.

European Commissioner for Economic Affairs Olli Rehn also welcomed the additional measures towards budget consolidation.

© 2010 AFP

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