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(CEP News) - Speaking to reporters in Madrid, Bank of Spain President Miguel Angel Fernandez Ordonez said recent measures taken by governments will take time before having real effects on the markets.
Nevertheless, the central banker admitted that more details on the government rescue plans would be helpful in providing additional support to the financial system. "The slowdown in growth is obvious," said the central banker, adding that inflation should come down on the back of weaker economic prospects. Ordonez also called on Spanish banks to restructure and cut their costs, and said mergers are one good way to do that. By Erik Kevin Franco,
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, edited by Sarah Sussman,
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