SINGAPORE (Reuters) - Spain is fully committed to meeting its deficit targets and any comparisons to Greece are "total nonsense," Economy Minister Luis de Guindos said on Friday.
"We are fully committed with the targets," de Guindos told reporters in Singapore while on a trip to Asia, referring to Spain's commitment to reduce its budget deficit to 5.3 percent of gross domestic product (GDP) this year and 3 percent next year.
Spain relaxed its budget targets earlier this month, sparking fears that it may become the euro zone's next source of financial contagion.
De Guindos added that any comparisons with Greece were "total nonsense" as the new Spanish government had, in its three months in office, slashed costs and passed key labour market reforms that were key to creating jobs and helping firms become more productive.
"This is a very important reform that the markets will have to assess positively," he said of the labour measures that were passed last month.
Spain shocked markets last month when it said it had missed its 2011 budget deficit target and a few days later set itself a softer goal for 2012. Yields on Spanish bonds have risen in recent weeks and the country has replaced Italy as the main focus of concern among investors.
Spain, one of the euro zone laggards alongside Portugal, Italy, Ireland and Greece, had an unemployment rate of 22.9 percent at the end of last year. The number of people without work rose by 2.4 percent in February from January, the Spanish government said earlier this month.
De Guindos, who met reporters after a lunch meeting with Singapore Finance Minister Tharman Shanmugartnam, said his visit to the Southeast Asian city-state and China earlier in the week was aimed at reassuring investors about Spain's commitment to reforms.
(Reporting by Kevin Lim; Editing by Kim Coghill)
