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PM Rajoy says his reforms saved Spain from full rescue

Sunday, June 10, 2012 - 01:39

June 10 - Spanish Prime Minister Mariano Rajoy welcomes euro zone finance ministers' agreement to lend Spain up to 100 billion euros. Deborah Lutterbeck reports

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Spanish Prime Minister Mariano Rajoy on the defensive. On Sunday he tried to deflect withering criticism for his handling of Spain's debt crisis, saying the country had avoided a full rescue for its state debt due to his economic reforms and steps to cut the budget deficit. (SOUNDBITE) (Spanish) SPAIN PRIME MINISTER MARIANO RAJOY, SAYING: "Now that our partners and European and worldwide Institutions are confident again, it is possible, thanks to this achievement, to reach the results we saw after yesterday's eurogroup meeting. In other words, if we hadn't done what we have done in these five months, what we would have asked for yesterday would have been a bailout for the country." He avoided using the word rescue (SOUNDBITE) (Spanish) SPAIN PRIME MINISTER MARIANO RAJOY, SAYING: "Yesterday was a win for Euro credibility. Yesterday was a win for the future of the Euro. Yesterday was a win for the European Union and yesterday was a win for Spain as it makes it possible to soon be reaching the credit levels necessary to boost investment and employment." Rajoy has been applauded in Europe for steep cost-cutting to bring down the country's high deficit. But the economy has slid into recession since he took office in December, with unemployment stubbornly high at more than 24 percent. Deborah Lutterbeck, Reuters

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PM Rajoy says his reforms saved Spain from full rescue

Sunday, June 10, 2012 - 01:39