Monday, May 21, 2012

Spain: no need for European funds to help banks

Luis de Guindos spoke Monday as markets dipped on last week's news that Spain's 2011 budget deficit was higher than expected ? an embarrassing second correction to the figure. De Guindos said the increase in the 2011 deficit figure from 8.5 percent of GDP to 8.9 percent was due to overspending by four regions, which had not been "totally transparent" in providing figures initially.

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