spain faces funding problems
Last Updated : GMT 13:26:10
Arab Today, arab today
Arab Today, arab today

Spain faces funding problems

Arab Today, arab today

Arab Today, arab today Spain faces funding problems

Madrid - DW

Spain has admitted it faces problems refinancing itself in financial markets due to the high interest rates it is being required to pay. But an EU bailout isn\'t an alternative, it insists. International financial markets were \"de facto closed\" to Spain, Budget Minister Cristobal Montoro told the radio station \"Onda Cero\" Tuesday, as exorbitant risk premiums for Spanish government bonds were a \"serious problem\" for refinancing the country\'s debt. On Friday, the risk premium for Spanish 10-year debt compared to the German equivalent hit a record eurozone high of 548 basis points. Investors are concerned that Spain will need a bailout from the eurozone rescue fund to support its struggling banking system and its heavily indebted autonomous regions. In obvious reference to EU bureaucrats behind any rescue plan, Montoro was asked whether the \"men in black\" would now come to Spain to take over the country. Montoro said that Spain \"doesn\'t need\" EU financial supervisors, as the government was itself able to \"balance the budget, to return to stability through constitutional reform, to clean up the banking sector, and to improve labor relations.\" Bailout resistance Ahead of a crucial test of market sentiment on Thursday, in which Spain seeks to auction off up to 2 billion euros ($2.5 billion) in medium- and long-term bonds, Montoro said that refinancing Spain\'s debt through the eurozone rescue fund was \"technically impossible.\" \"Spain cannot be rescued in the technical sense of the term, and Spain does not need that,\" he told Onda Cero radio without clarifying what he meant by that. Economists fear that the eurozone\'s fourth largest economy was too big and too heavily indebted to be rescued by the eurozone bailout fund, the so-called European Stability Mechanism (ESM). Spain\'s debt-stricken bank Bankia alone needs funding to the tune of 23.5 billion euros to repair a balance sheet which is deeply in the red due to bad loans from the collapse of the Spanish property market in 2008. Montoro also said that neither Germany nor France was urging the Spanish government to accept an EU bailout. Insisting that Prime Minister Mariano Rajoy\'s conservative government had a \"mandate to reform,\" Montoro said that it would finish the task that the Spaniards had given it, adding that the country\'s future would remain \"in Europe, and in the euro.\"

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*

spain faces funding problems spain faces funding problems

 



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*

spain faces funding problems spain faces funding problems

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today PNG police start removing refugees

GMT 03:00 2017 Friday ,24 November

PNG police start removing refugees
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Solaf happy for participating in “Hotline”

GMT 07:56 2017 Wednesday ,22 November

Solaf happy for participating in “Hotline”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 09:12 2017 Thursday ,23 November

4 in 10 cancers due to modifiable risk

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
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