Spanish Government now had the intention of accelerating the deficit reduction plans

A brief statement was made by the Prime Minister in the early hours of Saturday at the end of a summit of Eurozone leaders, saying that the Spanish Government now had the intention of accelerating the deficit reduction plans, and that the 3% deficit by 2013 target remained in place. However Zapatero warned that the deficit reduction plans in Spain had to be produced accompanied by economic growth.plans for the cuts to be introduced by the Government next year. He will also explain Spain’s help for Greece as part of the EU/IMF deal and new plans to take action against speculators in the market.The idea is to calm the markets and send a signal that action is being taken to reduce the deficit here. 
‘We cannot put growth in danger by looking for a reduction in the deficit’, he said.
The Government is keen to support the markets this week, after last week saw a 14% fall in the IBEX 35 in Madrid, the largest reduction since the collapse of Lehman Brothers.