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Spain gives assurances on 2012 austerity budget
Spain says tough austerity budget will let dispel bailout fears
By The Associated Press

MADRID (AP) ' Spain's economy minister says the country's austerity budget due Friday will reassure the rest of Europe that the country is not a candidate for a bailout.

Economy Minister Luis de Guindos spoke Friday in Copenhagen as he entered an informal meeting of eurozone colleagues. In Madrid, the Spanish Cabinet prepared to approve a draft 2012 budget expected to include '30 billion ($40 billion) in spending cuts and tax hikes.

That deficit-reduction package is designed to satisfy EU requirements and calm investors worried about Spain's public finances. Their appetite for Spanish debt determines the country's borrowing costs ' and the likelihood of it not being able to finance itself at an affordable rate and eventually following Greece, Ireland and Portugal in seeking a bailout.

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