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Spain's central bank warns on excessive spending

Spain's central bank told the government on Tuesday (16 June) there is no room for further spending measures above those already announced, and warned that the country's rising budget deficit could hamper growth when a global upturn arrives.

"We have to stop public sector debt becoming an obstacle when the Spanish economy is in a better condition to grow," said central bank governor Miguel Angel Fernandez Ordonez in a speech accompanying the Bank of Spain's annual report.

"Any c...

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A cafe in Madrid. The global economic downturn, an end to a housing bubble and falls in tourism have hurt the Spanish economy (Photo: EUobserver)

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