Outgoing governor criticises Spanish government’s fiscal position


Miguel Fernández Ordóñez, who on May 29 announced he was stepping down as governor of the Bank of Spain, today (May 30) said the government's budget deficit of 8.9% was "a long way off" the target level of 6%.

In his testimony before the Senate Budget Committee, Ordóñez said: "The consolidation involved in meeting these fiscal targets will be tremendously hard to achieve."

The governor, whose term was set to end on July 12, resigned from his post early amid mounting tensions between the

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