Cambio de gabinete según The Guardian
5.22pm: Spain's economic minister
has tried to reassure the markets, and the Spanish people of course, following S&P's decision to downgrade the country's credit rating. Jose Manuel Campa
said that Spain's plans to cut its deficit are 'unchanged'.
Live blog: quote
"The important thing right now is to underpin measures to establish a stable medium- to long-term growth pattern, which is the basic aim, because in fact the revision does not cast doubt on our deficit consolitation plan."
Spain's 2009 deficit (the amount it had to borrow to balance the books last year) came in at 11.2% of GDP (similar to the UK, and significantly less than Greece's 13.6%). It hopes to cut the deficit to 3% of GDP by 2013.
S&P's own report explains that it cut Spain's rating because it believes the country's "real GDP growth" will average just 0.7% over the next six years.