Arab Today, arab today spain will not seek bailout if new conditions
Last Updated : GMT 12:04:57
Arab Today, arab today
Arab Today, arab today

Spain will not seek bailout if new conditions

Arab Today, arab today

Arab Today, arab today Spain will not seek bailout if new conditions

Brussels - AFP

Spain will not seek eurozone financial aid beyond an agreed rescue for its banks if more conditions than those already agreed for recapitalising lenders are attached, an EU source said Tuesday. Prime Minister Mariano Rajoy is under pressure to call in financial assistance for the Spanish state, not just its banks, but is holding off awaiting a European Commission assessment of new spending targets drawn up for 2013 and 2014. The Spanish government said on Friday it planned savings of 102 billion euros ($125 billion) by 2014 as it stepped up efforts to bring its strained public finances back within 3.0 percent of gross domestic product, the normal EU limit. That assessment is unlikely to be complete until mid-September. Eurozone finance ministers are due to meet on September 14-15 in Cyprus, itself in dire financial straits and possibly in need of aid following talks on loans from ally Russia. \"If the Commission considers that the [Spanish] budgetary plan is satisfactory, there will not be a need for further conditions,\" the EU source said of Rajoy\'s position, referring to terms for any subsequent loans from the European Financial Stability Facility or mooted European Central Bank intervention in short-term bond markets. In June, Spain secured a 100 billion euro credit line from the EU for its stricken banking sector but investors fear that with its borrowing costs rising, the country may in the end need a bailout. Last month, Brussels gave Spain an extra year to balance its books, saying it must bring down its public deficit to 6.3 percent of GDP this year, 4.5 percent next year and then 2.8 percent in 2014. After Spanish borrowing costs skyrocketed in the interim, ECB chief Mario Draghi last week raised the prospect of direct intervention in the bond markets so as to bring down eurozone borrowing costs -- but contingent on government support and subject to conditions. \"I want to know what these measures are to see if they are adequate,\" Rajoy said afterwards. \"Then I will take the best decision for the general interest of the Spanish people.\" On Monday Spanish stocks leapt upwards, and after speaking with US President Barack Obama in a telephone call later in the day, Rajoy \"stressed the efforts the government and Spaniards have undertaken to reduce the public deficit and come up with an ambitious programme of structural reforms,\" according to a statement from his office.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today spain will not seek bailout if new conditions Arab Today, arab today spain will not seek bailout if new conditions

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today spain will not seek bailout if new conditions Arab Today, arab today spain will not seek bailout if new conditions

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday