As Economy Tanks, Spain Angers European Countries By Issuing Bogus Joint-Statement

EL MUNDO, EL PAIS (Spain)

The Spanish stock market started this week at the level registered in April 2003, with a new risk rate record of 643 points, the highest since the creation of the euro, El Mundo reports.

According to El Pais, investors have been once again ruthless with the Spanish stock values.
The Spanish government is trying to tackle this situation with the help of neighboring countries. Luis de Guindos, the Minister of Economy, made a visit to Paris, to meet his French homologue, Pierre Moscovici. A few hours before, he had seen the German Minister of Economy in Berlin, El Mundo reports.

After these meetings, the Spanish government released a joint statement with France and Italy calling for "the immediate implementation of the agreements from the last European Council on June 29 and 29." Soon after the announcement however, the Foreign Affairs Minister in Madrid had to retract the statement, as Italy and France publicly denied making the joint declaration. According to El Mundo, French Minister of European Affairs did not mince his words when he said: "This document is a hallucination." The statement also mentioned the support of Denmark and Ireland for these interventions.

The Spanish and German ministers seemed to reach a better understanding. El Pais reports that after their meeting on Tuesday, the two officials concluded that the high price of the Spanish public debt "does not correspond to the fundamentals of the economy."

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