Micheál Martin (Cork South Central, Fianna Fail)
Link to this: Individually | In context

Question 198: To ask the Minister for Finance his views regarding the weakening position of the economy in Spain and the challenges it will pose to the new EU treaty rules; and if he will make a statement on the matter. [7782/12]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context

I am conscious of recent economic developments in Spain and, in particular, the recent announcement that the deficit target for last year was missed. I note, however, that the new government has been proactive in addressing this shortfall, which is a positive development. In terms of the EU Treaty rules, it is also worthwhile noting that the latest European Commission figures (November 20011) put Spanish public debt at around 70 per cent at present, which is well below that of other large euro area countries. Finally, I have noted that yields on Spanish government debt have fallen noticeably since the end of last year. So market sentiment has improved and this is to be welcomed.