LOC21:22
18:22 GMT
MADRID, Nov 17 (KUNA) -- Spain said Wednesday it was ready to contribute to
a bailout plan to salvage Irish banks, a move that might be taken by the
European Union (EU) to maintain economic stability in the eurozone.
Minister of Economy and Finance Elena Salgado Mendez said sharp
fluctuations in stock markets would not benefit anyone.
She was speaking to Spanish media on sidelines of meetings of EU's Finance
Ministers in Brussels, Belgium.
Priorities of Spain and other EU countries are stability of eurozone,
overcoming impacts of global economic crisis and pushing economic growth in
the euro area, she said.
Ireland is a responsible country capable of taking the right decisions to
reform its banking sector, said Mendez. Dublin is also aware of the size of
difficulties and complexities that might affect euro-zone economy if the
inappropriate measures were taken, she added.
Mendez said Ireland's debts crisis was not directly affecting Spain because
the austerity measures adopted by Madrid coupled with economic reforms have
started to revive economy, slash debts and reduce budget deficit.
EU Finance Ministers were discussing on debt crisis in Ireland amid
concerns that it will be unable to pay the cost of rescuing its banks.
The Irish government anticipated deficit to reach 32 percent of GDP this
year, 10 times higher than the criteria set by the Maastricht treaty, which
regulate the eurozone. (end)
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