Spain Bets on Budget Cuts, Domestic Investors to Stem Contagion - Bloomberg: "Spain is counting on budget cuts and domestic appetite for its bonds to build a firewall against contagion as Prime Minister Jose Luis Rodriguez Zapatero warned investors would lose money betting against the nation’s debt.
Spain, which has the euro region’s third-highest budget deficit, says it won’t adopt new measures to protect itself from Europe’s worsening debt crisis after cutting the central government’s budget gap by almost 50 percent and taming regional spending. Providing support is about half of Spanish debt is held at home, more than in Ireland or Portugal, offering a line of defense against changes in foreign investors’ moods."
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