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Sunday, 05 July 2020

Spain does not need a bailout 'at all': Economy minister

Country remains 'competitive and sustainable' but measures are necessary for stability, minister tells London audience

AFP, Friday 5 Oct 2012
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Spain does not need a bailout "at all", its economy minister Luis de Guindos said in a speech in London on Thursday as concerns swirled around the eurozone's fourth largest economy.

"Spain does not need a bailout at all," he said in an address at the London School of Economics, insisting that Spain was "a competitive and sustainable country."
 
"What we are doing is what we think is the correct thing not only for Spain but for the future of the eurozone.
 
"We are convinced that we will be able to bring investors interested on the assets of the bad bank," he added.
 
De Guindos' speech was interrupted by a group of young protesters who waved placards "Spain for sale," and screamed "the people are paying the price."
 
The minister said the "measures were necessary" to stabilise the Spanish economy and return it to growth.
 
"We are fully convinced that we don't have another alternative taking considering that public deficit of Spain was extremely high," he said.
 
Prime Minister Mariano Rajoy had on Tuesday denied Spain was planning to make an "imminent" demand for a sovereign bailout from the eurozone to end its financial crisis, but it did little to calm the markets.
 
The conservative leader dismissed media reports that his government was set to formally request a bailout as soon as this weekend.
 
Spain is required to make a formal demand for help in order to trigger the release of eurozone rescue funds and supportive action by the European Central Bank.
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