First the FX rate (EUR/USD):
Now the News:
PM Zapatero says no chance Spain will need bailout (AP) Asked in an interview if he ruled out financial help from the European Union, Prime Minister Jose Luis Rodriguez Zapatero said "absolutely." He said Spain's plans to reduce its deficit were on track and that its total debt was still 20 percentage points below the European average. Spain's debt at the end of 2009 was euro560 billion ($740 billion), roughly 60 percent of its GDP. "The deficit reduction plan is being fulfilled scrupulously, we have one of the most solid financial systems, the savings banks are restructuring at a good rate and should be consolidated by the end of the year," he said. Finance Minister Elena Salgado insisted Friday that even if the yield on Spain's 10-year bonds were to rise to 6 percent it would still be manageable.
Portugal adopts austerity, says no bailout needed (AP) Prime Minister Jose Socrates said after Parliament approved the government's 2011 spending plan that the country had "no alternative at all" to the belt-tightening policy. "We must make this effort," Socrates said. He did not take questions. Socrates said Portugal is on track to lower its budget deficit to 7.3 percent of gross domestic product this year. The deficit reached 9.3 percent last year. Finance Minister Fernando Teixeira dos Santos said he reckoned Portugal has six months to show markets it is able to bring its spending under control. The minority Socialist government which managed to pass the plan only after negotiating its content with the main opposition party.
Anyone see a way to marry the two? Me neither.
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