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Spain has no immediate plans to request for bailout: Report

Economy Minister Luis de Guindos on Wednesday said that Spain has no immediate plans to request a European bailout of its banks, a news wire has reported.



Zeebiz Bureau

Brussels/Madrid: Economy Minister Luis de Guindos on Wednesday said that Spain has no immediate plans to request a European bailout of its banks, a news wire has reported.

The beleaguered nation is awaiting the results of an independent banking audit stipulated this month.

Spain, Germany and European Union policymakers are in intense discussions over how to help Madrid recapitalise its troubled banks after a series of reforms failed to convince on the stability of the country's financial system.

Doubts over Spanish banks' ability to handle losses related to a property crash and two successive recessions have pushed the euro zone's fourth largest economy's borrowing costs to levels that could tip it into an international bailout.

Spain is pushing for changes to European rules to be able to get aid for banks without too many state conditions attached, the news wire quoting sources said.

From Zee News

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