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Spain caves in to market pressure and asks Europe for bank bailout

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TONY PATERSON
London Independent
June 6, 2012

Spain dropped its opposition to external funding and for the first time yesterday appealed to Europe for help in overcoming its worsening financial crisis, after Germany proposed a banking union to stabilise the Continent’s economy and ease eurozone turmoil.

Madrid’s call signalled a departure from the previous stance of Mariano Rajoy’s conservative government, which had rejected the idea of external funding to assist the country in recapitalising its ailing banks because of fears that such a move would undermine market confidence in Spain.

Yesterday, however, Cristobal Montoro, the Treasury minister, appeared to break ranks with the Prime Minister when he made a direct appeal to European institutions to help to shore up the country’s banks. “The door to the markets is not open to us at the moment,” he said, in an admission that Spain’s borrowing costs were too high. “The future of the euro is at stake.”

He told the broadcaster Onda Cero: “The banks don’t need excessive amounts to recapitalise. That’s why it’s so important that the European institutions open up and help us achieve, help facilitate that figure, because we are not talking about astronomical amounts.”

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This article was posted: Wednesday, June 6, 2012 at 8:31 am





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