The government will be named “in all probability” on December 22 and hold its first cabinet meeting the next day, Maria Dolores de Cospedal, spokesman for the Popular Party which won Spain’s general election, told reporters.

Incoming prime minister Mariano Rajoy has warned he will make sweeping spending cuts to lower Spain’s budget deficit and reassure investors amid worries for the stability of the eurozone.

“The commitment is clear and leaves no room for doubt and is not subject to any conditions,” said Cospedal, speaking after Moody’s followed other credit ratings agencies in warning of the need for strong fiscal action.

“The credibility of our country is at stake. Spain is going to fulfill its deficit aims,” Cospedal said, adding that Rajoy had been speaking to European and American leaders in recent days.

Rajoy has not yet detailed his plans nor spoken out publicly since the day of his election victory.

Cospedal said Rajoy has convened a meeting on December 1 with the PP leaders of 11 of Spain’s 17 centrally-funded autonomous regions to discuss how to cut the deficit.

He has vowed to meet the outgoing government’s target of trimming the deficit from 9.3 percent of gross domestic product last year to 6.0 percent this year and 4.4 percent in 2012.

The PP, which won an absolute majority in parliament in the November 20 general election, has said it will slash spending to meet these targets and will continue banking and labour reforms.

“Mariano Rajoy has expressed his will to complete the process of cleaning up and restructuring our financial system,” Cospedal said.