Spain to stick to deficit reduction plan: PM

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Spain will "strictly respect" its deficit reduction plan, the country's prime minister vowed Wednesday, amid investor fears Madrid could suffer a debt crisis similar to that of Greece.

"The government will respect with total determination" its plan to rein its massive deficit, Jose Luis Rodriguez Zaparero told a news conference.

Zapatero announced a 50-billion-euro (66.5-billion-dollar) austerity package this year as part of its drive to slash the deficit from 11.2 percent of gross domestic product in 2009 to the eurozone limit of 3.0 percent by 2013.

Many analysts have argued that more measures will be needed for this target to be met.

"We will strictly respect (our commitments) in 2011, as we will do in 2012," Zapatero said.

© 2010 AFP

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