Montoro Says Spain Missing Budget Goals Would Hurt Europe
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Budget Minister Cristobal Montoro said Spain would damage European and global growth if it misses budget-deficit targets and threatened to take over the accounts of regions that don’t reorder their finances.
“Spain’s future and Europe’s future are at stake because we are big enough to hurt the whole of Europe and to threaten the global economic recovery,” Montoro told lawmakers in Madrid today during a debate on the 2012 budget. The government will take all measures needed because “for all parts of the administration the deficit target is unconditional,” he said.