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Edition: U.S. Article Comments (0) Save Email Print Reprints Most Popular Most Shared Bankruptcy talk spreads among Calif. muni officials 27 May 2010 Corrected: BP halts video of leaking pipe, blames dirty lens | Video 27 May 2010 Toll from Jamaica violence climbs to 73 27 May 2010 House votes to repeal military gay ban 9:03am EDT BP well disaster stuns hardened oil men 27 May 2010 Apple iPad frenzy spreads abroad; supplies limited 9:43am EDT Obama heads to Gulf as BP reports progress | Video 10:56am EDT UPDATE 2-Storm over J&J's child drug recall only grows 27 May 2010 Nuclear treaty talks on brink of failure: diplomats 7:14am EDT China PM seeks to cool Korean standoff 11:03am EDT Bankruptcy talk spreads among Calif. muni officials 27 May 2010 House votes to repeal military gay ban 9:03am EDT Apple overtakes Microsoft as biggest tech company 26 May 2010 Apple iPad frenzy spreads abroad; supplies limited 9:43am EDT Kitten survives wash and spin in a washing machine 27 May 2010 U.S. reverses stance on treaty to regulate arms trade 14 Oct 2009 2,000-calorie milkshake tops list of worst drinks 27 May 2010 Regular teeth brushing linked to healthier hearts 27 May 2010 Apple overtakes Microsoft as biggest tech company 26 May 2010 UPDATE 2-Storm over J&J's child drug recall only grows 27 May 2010 deals Gulf fiasco makes BP vulnerable Eventually, BP will stop the flow of oil from its deepwater mishap in the Gulf of Mexico and the clean up cost will be tallied. That’s when Exxon or Shell may pounce. Commentary | Quote Shell pays $4.7 billion for strategic natgas play Spanish reform talks struggle Jose Gonzalez MADRID Fri May 28, 2010 11:08am EDT Related News G20 to endorse EU crisis strategy 10:23am EDT Greek budget goal too ambitious as austerity hits 11:07am EDT Top Portugal union readies big anti-austerity rally 11:08am EDT MADRID (Reuters) - Talks between Spanish unions and business leaders on labor reform ended without success on Friday, the latest sign that the euro zone is struggling to steer its way out of a debt crisis and into growth. World Spain is among the 'peripheral' countries whose debts have stretched unity in the single currency zone to the limit as the richer members, led by Germany, have been forced to set up a $1 trillion safety net. European Central Bank policymaker Lorenzo Bini Smaghi of Italy accused Germany of exacerbating the crisis with alarmist language, and said Europe's predicament was an early signal of similar problems in other regions. "We could say that euro area tensions are the 'canary in the coal mine' of the challenges that policymakers worldwide are going to face," he said in the text of a speech to be delivered at a conference in Morocco. He said financial markets were testing countries' ability to force through necessary fiscal corrections, and the problems facing Greece and other financially strained euro zone members were already spreading. "Just look at the screens and you'll see the contagion under way, spreading not only to peripheral countries but also to the largest euro area countries and through the financial system." Spain's public debt is modest by the standards of Greece, Ireland or Italy. But economists say cutting the cost of hiring and firing is vital if Spain is to regain competitiveness and achieve sustainable growth. On Friday, Madrid revised down its growth forecasts and said unemployment would remain close to 20 percent. The difficulty of combining fiscal cuts with economic growth was highlighted by HSBC group chairman Stephen Green, who said: "We may yet see further shocks to some Western nations as they come to terms with the reality of large national debts, while conditions will remain challenging for households and businesses alike, as long as jobs and growth remain elusive." CLOCK TICKING With swingeing budget cuts already announced in Spain under pressure from markets, the government must now try to broker agreement in the next few days between labor unions and business leaders who failed to reach a deal in bilateral talks. If there is no deal by May 31, the government will ram through changes to labor laws anyway, said the parliamentary spokesman for the governing Socialists, Jose Antonio Alonso. "I am aware that things are not going too well and it is possible that the government will have to reform the labor market through a royal decree," he told Spanish radio. Unions are already set for a one-day strike over public sector pay cuts for June 8, and said on Thursday that reform by decree would prompt a general strike -- piling pressure on a minority government already struggling to hang on to power. It seemed to narrowly avoid being brought down on Thursday when parliament approved a vital 15 billion euro austerity package by just one vote. However, Spanish unions had a limited turnout at their last anti-austerity protest, like other protests elsewhere in Europe that have failed to put governments under pressure, and Spanish government bond prices showed little reaction. A Greek rally last week drew only half the crowd that turned out for a riot-scarred protest on May 5. France signaled on Friday it would go ahead with plans to raise the retirement age after unions failed to rally enough street power against the reform of a costly pension system. "Whether one regrets or welcomes it, one must say the idea of necessary sacrifice is advancing," wrote the French left-wing daily Liberation. Austerity programs and labor reforms are widely seen as vital to underpin the emergency $1 trillion safety net. Greece, Portugal, Spain and Italy have all agreed to push through multi-billion euro savings despite fierce opposition. Germany, furious at having to dig deep to help profligate nations despite the EU treaty's no-bailout clause, has insisted the mechanism is only temporary and does not breach the treaty. It indicated on Friday that it would make permanent some of the bans on short selling of securities --- uncoordinated with euro zone partners that triggered falls in stocks and the euro last week. "ALARMIST" Bini Smaghi, one of the ECB's six-strong Executive Board, accused Germany of making the situation worse as it tried to win domestic support for aid to Greece. "In one large euro area country it was thought that public support for swift action could be achieved only by dramatizing the situation, for instance, by telling the public that 'the euro is in danger'," he said referring to comments by Chancellor Angela Merkel on May 19. "But it was not realized that, in the midst of a financial upheaval, such words are like fanning the flames and that the cost of the support package could only increase following such dramatic declarations," he said. World equities rose for the third day running and the euro was stable against the dollar as investors refrained from betting on further trouble in the euro zone ahead of a holiday in major markets. (Additional reporting by Paris and Frankfurt bureaux and London Markets team; Writing by Kevin Liffey, editing by Mike Peacock) World Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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