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Fears for Spain overstated – French minister

French Budget Minister Valérie Pécresse said on Wednesday that market fears over Spain's finances were "excessive".

Madrid, Pécresse continued, was pursuing the proper reforms.

Pécresse, who is also the government spokeswoman, said “we believe the fears being expressed today about Spain’s economic health are excessive,” adding that reforms by Madrid were “of a nature… to lead to a turnaround.”

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