Spanish PM to meet finance minister over 'market movements'

3rd August 2011, Comments 0 comments

Prime Minister Jose Luis Rodriguez Zapatero will meet Finance Minister Elena Salgado on Wednesday after the country's debt risk premium soared to a record high, his office said.

The meeting will "analyze the lastest financial market movements," the prime minister's office said in a statement.

Government spokesman Jose Blanco will also attend.

The premium demanded for buying Spanish 10-year bonds over safe-bet German bonds surged Wednesday morning to 407 basis points -- the highest since the introduction of the euro in 1999 -- before easing to 382 basis points.

Zapatero left with his family for a vacation in Donana, southern spain, late on Tuesday after postponing his departure for several hours to monitor the financial market turmoil.

He returned to Madrid soon afterwards however, leaving his family on holiday, and was in his office on Wednesday morning, his office said.

© 2011 AFP

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