Spain pledges fresh €5bn action on deficit

Article reported that Spain’s Finance Ministry promised further budget measures worth €5bn in August 2011 to ensure it meets its 2011 budget deficit reduction target and to justify the support provided by the European Central Bank through emergency purchases of Spanish sovereign bonds.

ESO: Background information: ECB bond intervention set to spur debate http://www.europeansources.info/record/ecb-bond-intervention-set-to-spur-debate-ecb-and-g7-signal-readiness-to-intervene/

ESO: Background information: Zapatero’s policies likely to be kept http://www.europeansources.info/record/zapateros-policies-likely-to-be-kept/

El País, 8.8.11: ECB fails to prevent Black Monday for bourses http://www.elpais.com/articulo/english/ECB/fails/to/prevent/Black/Monday/for/bourses/elpepueng/20110808elpeng_9/Ten

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