Spain appeals for market calm after credit downgrade

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Spain appealed Wednesday for market calm after ratings agency Standard & Poor's cut the country's credit rating, with the deputy prime minister saying the government was cutting the public deficit.

"We have a very serious plan of fiscal consolidation and of deficit reduction. We have adopted an austerity programme, we have put in place a labour market reform," Maria Teresa de la Vega told reporters.

"We are adopting all the measures needed to meet our commitments. So I want to send a message of confidence to the population and of calm to the markets."

© 2010 AFP

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