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Austerity Measures by PIGS Will Work: Almunia

Friday, 29 Jan 2010 | 5:30 AM ET

In recoveries, economic growth comes first, followed by rising employment a few quarters later, Joaquin Almunia, economic and monetary affairs commissioner at the European Commission, told CNBC Friday. The austerity measures of fiscal consolidation proposed by countries like Greece, Portugal and Spain will work, he said, adding the EU is "fully committed to helping these countries to implement these programs."