EU Finance Ministers not worried about Spain

The EUR and Spain received a vote of confidence minutes ago as the comments started pouring out of the meeting of EU finance ministers. Hungary was not so lucky as it stands to lose its funding because of its failure to meet its budget targets.

German Finance Minister Wolfgang Schaeuble mentioned that Spain has made the right choices with structural reforms and asked reporters not to speculate about a third Greek bailout program if austerity measures fail be enacted.

Hungary on the other hand is being singled out as it has failed to meet budget targets. The funds could be reinstated in June if the Hungarian government builds a good case of policy implementation. The Hungarian Finance minister is confident that by June they will overturn the decision by meeting their targets.

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza