The meeting came as divisions grow in Europe over the proposed tariffs
Prime Minister Mariano Rajoy pinned the blame for rising Spanish borrowing costs on concern about the future of the eurozone and again ruled out seeking outside aid to revive a banking sector laid low by a property boom that has long since bust.
“There are major doubts over the eurozone and that makes the risk premium for some countries very high. That’s why it would be a very good idea to deliver a clear message there’s no going back for the euro,” Rajoy told a news conference. “There will not be any [European] rescue for the Spanish banking system,” Rajoy added, before backing calls for the eurozone bailout fund, which will be in place from July, to be able to lend to banks direct.
Government sources told Reuters Spain may recapitalise Bankia with sovereign paper in return for shares in the bank and could use this method to prop up other troubled lenders — moves which would push the country’s debts above the 79.8 per cent of economic output which had been expected this year.
“This method has been used by Germany and by Ireland in the past, it is perfectly valid,” a government source told Reuters.
The source said the European Central Bank had not been specifically informed of the plans to inject state bonds into Bankia, though a final decision had not yet been made on which option to take.
Bankia’s parent company BFA has asked for €19 billion ($23.8 billion) in government help, in addition to €4.5 billion the state has already pumped in to cover possible losses on repossessed property, loans and investments.
The meeting came as divisions grow in Europe over the proposed tariffs
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