spain faces funding problems
Last Updated : GMT 06:41:18
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 Skincare PR Performance Full Year 2017

GMT 10:35 2018 Monday ,22 January

Skincare PR Performance Full Year 2017
Arab Today, arab today New hunt for flight MH370 gets under way

GMT 02:36 2018 Wednesday ,24 January

New hunt for flight MH370 gets under way
Arab Today, arab today Modern colorful bedroom renovation

GMT 11:23 2017 Thursday ,21 December

Modern colorful bedroom renovation
Arab Today, arab today France sanctions businesses linked

GMT 01:58 2018 Wednesday ,24 January

France sanctions businesses linked
Arab Today, arab today Turkey detains dozens more

GMT 02:09 2018 Wednesday ,24 January

Turkey detains dozens more
Arab Today, arab today
Arab Today, arab today

GMT 07:22 2017 Thursday ,23 November

Zimbabwe's next leader heads home after Mugabe exit

GMT 20:34 2018 Saturday ,20 January

Bahrain press headlines

GMT 22:38 2018 Tuesday ,23 January

Bahrain Press headlines

GMT 07:23 2017 Thursday ,23 November

Zimbabwe's next leader heads home after Mugabe exit

GMT 16:25 2016 Thursday ,22 December

Italian bank Monte Paschi edges closer to state bailout

GMT 06:03 2014 Wednesday ,09 April

Please .. Let Gaza breathe!

GMT 09:12 2017 Friday ,17 November

Gleam Futures represents Grace Beverley

GMT 04:18 2017 Sunday ,26 November

Bella magazine appoints celebrity writer

GMT 06:00 2017 Sunday ,29 October

Childrenswear brand Once appoints Dyelog

GMT 16:33 2014 Thursday ,13 November

Al-Ehtimam Bil Aakhareen

GMT 03:34 2017 Sunday ,05 November

Needle & Thread relocates press office

GMT 14:56 2017 Thursday ,21 December

Ryanair says formally recognises pilots' union

GMT 16:03 2017 Thursday ,21 December

US hits Myanmar general in new global rights sanctions
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