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ECB Ordonez: 2011 To Be Tough For Spain Economy, Banking System
This year will continue to be difficult both for Spain's economy and its banking system, European Central Bank Governing Council member Miguel Angel Fernandez Ordonez said on Tuesday. Ordonez, who heads the Bank of Spain, warned at a conference against complacency and urged more ambitious reform, noting that confidence can be easily lost. There is nevertheless a basis for hope, he said, observing that "the [Spanish] government, the [Spanish] parliament, European authorities, the ECB, the Bank of Spain and our own lending institutions have taken steps in the right direction, and this has been reflected in the ... (full story)