Later on Monday Spain's finance minister Luis de Guindos will hold a press conference together with European Union Economic and Monetary Affairs Commissioner Olli Rehn, during which they will talk about the budget cuts announced last Friday by the Spanish government. Ahead of their appearance the Spanish risk premium fell to 440 points and the 10-year bond yields declined below 6%.
Fitch contributed to the positive mood by announcing its decision to maintain the Spanish credit rating unchanged until 2013. The rating agency explained that this way it is giving the distressed country a chance for improvement.
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