Eurozone leaders seek clarification from Spain over bailout

LAST UPDATED: 14 Sep, 2012 @ 17:36
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Eurozone leaders seek clarification from Spain over bailout

EUROZONE leaders have quizzed Spain over whether it will ask for a bailout, during a meeting of finance ministers in Cyprus.

The country’s borrowing costs fell last week following the announcement of the European Central Bank’s (ECB) new bond-buying scheme.

But it remains unclear whether Spain will request financial help, with Finance minister Luis de Guindos refusing to be drawn on the issue.

“It is much more important to meet our public deficit targets and comply with our programme of reform than a potential rescue.

“The fundamental question here is to establish the elements of what could be an intervention of the ECB on the secondary market.

“I believe that’s what we will do today, although it will be in a generic way and not directly in relation to Spain.”

However, fellow finance ministers are eager to get a straight answer amid concerns that uncertainty over Spain’s position is slowing recovery across the eurozone.

“I’d like them to set out their position because it hasn’t been clear over the summer what their position is,” said Irish Finance Minister Michael Noonan.

3 COMMENTS

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  1. Their arse is hanging out of their trousers and they want to dictate terms of a bailout – completely out of touch with the real world – hey Cortez and Pizarro are dead – no more loot coming from central/south America – what’s that? – you don’t believe me.

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