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Spain vows to continue reforms, rules out tax hikes
Published in Saudi Press Agency on 30 - 08 - 2012

Spanish Prime Minister Mariano Rajoy vowed Thursday to press on with his rigorous round of economic reforms and budget cuts, but ruled out any further tax increases next year.
Rajoy was speaking at a joint press conference with French
President Francois Hollande, who was making his first visit to Spain
since taking over as France's leader in May, dpa reported.
France and Spain - the eurozone's second and fourth biggest
economies - are also keen to see the European Central Bank resume its
government-bond programme to help head off the threat of rising
borrowing costs for governments at the centre of the debt crisis,
such as Madrid's.
In their comments to the press, the French and Spanish leaders
also said they wanted cash-strapped Greece to remain a part of the
17-member currency bloc, but stressed that Athens also had to
continue forging ahead with its reform programme.
"The Greeks want to demonstrate that they are credible," said
Hollande.
Such words echoed comments made last week by German Chancellor
Angela Merkel and Hollande, who have been trying to place a more
positive tone on the efforts by eurozone states to slash high
debt-and-deficit levels.
The meeting between Hollande and Rajoy came just a day after
Merkel praised reform efforts by Italian Prime Minister Mario
following talks in Berlin.
Thursday's meeting in Madrid also formed part of a round of
shuttle diplomacy across the eurozone as the region's leaders face up
to a critical period in their battle to resolve the debt crisis that
has pushed large parts of the currency bloc, including Spain, into
recession.
Rajoy said his government had no plans to include in next year's
budget another round of increases in income or sales tax.
The round of top-level talks also form part of the buildup to a
summit of European leaders that has been set down for October 18 and
19, which the French leader said would pave the way for a lasting
solution to the debt crisis.
"We have postponed too many crucial decisions," Hollande told
reporters.
The European Central Bank is also expected to consider next
Thursday plans to relaunch its government bond-buying programme.
-- SPA


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