Spain’s Salgado Says ECB Must Help Stabilize Markets, EFE Says

Spanish Finance Minister Elena Salgado said the European Central Bank must help stabilize sovereign debt markets till the July 21 European Union accords are implemented, EFE reported.

“The ECB must do its duty and help stability on debt markets,” Salgado told EFE in an interview. The accords, which extend the European rescue fund’s capacity to aid debt-burdened countries, must be implemented fast, she said.

Spain will take measures this month to help its 17 semi- autonomous regions meet their 2011 deficit targets, Salgado said. That will increase tax receipts by 2.5 billion euros ($3.6 billion) and cut spending by 2.4 billion euros, Salgado told the Spanish news agency.

To contact the reporter on this story: Angeline Benoit in Madrid at abenoit4@bloomberg.net

To contact the editor responsible for this story: Dick Schumacher at dschumacher@bloomberg.net

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