Zapatero: EU makes headway in economic recovery

Spain's outgoing Prime Minister Jose Luis Rodriguez Zapatero said Friday the European Union (EU) has covered much headway in recovering from its debt crisis. Zapatero was quoted by local media as saying following a European Council meeting in Brussels that recent agreements reached by EU leaders on boosting financial sufficiency and control in the eurozone would lead to restoring the confidence of markets and investors in the Spanish economy. He emphasized that the agreement on raising IMF resources by 200 billion euro and commitment to fresh European financial deals would calm down the market and alleviate tensions on sovereign debts. But, he said Spain and other countries of the eurozone still need to take a package of economic reforms in order to get favorable results as soon as possible. Eurozone leaders agreed in Brussels earlier in the day on adopting new financial deals that could buttress financial control.