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De Guindos Says Spain Has ‘Total’ Commitment to Rein in Deficit

January 24, 2012

Jan. 24 (Bloomberg) -- Spanish Economy Minister Luis de Guindos said that his government is committed to its fiscal- consolidation plan and is sticking to its 4.4 percent budget- deficit target for 2012.

“The Spanish government’s commitment to fiscal consolidation is total,” de Guindos told reporters at a press conference in Brussels today. “The government’s deficit target is 4.4 percent and there is no change in this respect.”

De Guindos’s comments contrast with the position of Budget Minister Cristobal Montoro, who called on Jan. 22 for the European Union to ease Spain’s 2012 deficit goal to allow for shrinking economic output. De Guindos, a former Lehman Brothers Holdings Inc. banker, said yesterday that Spain had an “inescapable commitment” to austerity.

De Guindos also said today that Spain has “no solvency problem.”

Speaking about topics up for discussion at the EU summit on Jan. 30, he said European ministers will discuss ways to boost the region’s economy “and the growth potential of countries.”

“There is a clear will to support economic growth,” he said.

--Editors: Fergal O’Brien, Jeffrey Donovan

To contact the reporters on this story: Ben Sills in Madrid at; Svenja O’Donnell in London at

To contact the editor responsible for this story: Craig Stirling at

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