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Spain denies G-20 pressure to ask for a bailout

Last Updated: Tuesday, November 6, 2012 - 10:23

Mexico City: Spain's economy minister said here Monday that the other nations in the G-20 are not pressing Madrid to request a financial rescue package from the European Union.

"No pressure of any kind, and there has not been any and the government could not accept that," said Luis de Guindos at a press conference coinciding with the meeting of the G-20 finance officials in Mexico City.

His government feels that "the fundamental issue is to dissipate the doubts about the future of the euro", the minister said, adding that Spain has practically concluded its financing needs for this year and is in a "rather comfortable situation of liquidity".

De Guindos said that the program to buy European Central Bank bonds is positive "not only because there is a concrete intervention in the secondary markets for debt on the part of the ECB", but also because "it represents a fundamental element ... to maintain confidence in the future of the euro".

"We will do the best that may be necessary for the Spanish economy. It's a program that is open, that we evaluate positively," De Guindos insisted.

He said that the possibility that Spain would resort to the direct EU monetary transfer programs had not arisen at the G-20 meeting.


First Published: Tuesday, November 6, 2012 - 10:21
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