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Spain to explain reforms at G-20 in Mexico

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E. EDUARDO CASTILLO | November 4, 2012 06:34 PM EST | AP


MEXICO CITY — Spain will use a meeting in Mexico of finance chiefs from the world's leading economies to explain the reforms it is implementing to deal with its financial crisis.

An official with the Spanish delegation, who declined to be named in line official policy, said Economy Minister Luis de Guindos will hold a working meeting Sunday night at the start of the G-20 gathering in Mexico City.

The official said De Guindos will explain the labor and banking reforms being carried out by Spain's government in response to a crisis that has seen its unemployment rate soar to 25 percent. No changes in position were expected to be announced.

G-20 finance ministers and central bank governors are meeting Sunday and Monday in Mexico's capital for the latest round of economic talks.