Spain, Portugal need more cuts, reforms: eurozone officials

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Spain and Portugal, favourites on markets to tap the eurozone's new emergency loan fund, need to make fresh cuts and reforms to fix their economies, leading eurozone figures said on Monday.

"More needs to be done and I can only encourage both countries to pursue structural reforms for instance in labour market and banking reforms," said the EU's commissioner for economic and monetary affairs, Olli Rehn.

The chair of the group of finance ministers for the euro countries, Luxembourg Prime Minister Jean-Claude Juncker, also said it was "clear (that) further consolidation is needed beyond 2011 with further structural reforms."

© 2010 AFP

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