Spain will accept the new terms of budget cuts demanded by the European Union, which will end the Spanish-European conflict over 2012 budget cuts that spread concerns among investors regarding the commitment of European nations to the new structural reforms required by the European Union, which attempts to curb the two year debt crisis once and for all.

The Spanish Finance Minister, Luis de Guindos, said ahead of the second meeting of euro zone finance chiefs that Spain is absolutely committed to budget adjustment and is absolutely committed to structural reforms, so from this point of view, that recommendation will be accepted by the government of Spain.

The new measures to be approved may threaten the Spanish economy with deeper recession, where Spain already suffers from contraction and rising unemployment rate, which reached 23%, the highest in Europe.