President of the European Central Bank President Jean- Claude Trichet has said that the political leaders are not doing enough to fight the situation that has rise in Spain. He said that they need to ramp up their measures if they want to fight the threat of contagion in the European country.

In an interview given to RTL radio in Paris, he said that there is a message that needs to go to all the countries. And it says that all the measures should be added in the next year's fiscal objectives so that they become more credible.

Germany has informed that no adhoc meetings are going to take place in the near future to save the region from the ongoing sovereign debt crisis.

At least three weekends have been spent by the European finance ministers till now and they have not come to a conclusion so that they can save the debt turmoil from affecting Spain. The Spanish bonds have been the worst sufferers and have gone down in value the most since November 30. And now their government is looking for deficit-cutting means.