Spain Delays Decision on Sovereign Bailout Until Terms Are Clear |
| Bloomberg - Aug 30, 2012 |
Spain will delay deciding whether to seek a sovereign bailout until the aid conditions are clear, Prime Minister Mariano Rajoy said following a meeting with French President Francois Hollande.
The two chiefs, who held talks in Madrid today, pressed the European Central Bank to implement decisions from a June summit to reduce borrowing costs in Spain and Italy as euro-area policy makers struggle to enact an emergency plan.
“In the same way as when we asked for the help for the financial sector because we thought it was good for Spain, so that credit recovers and so that there would be economic growth and jobs, when it’s known exactly what’s on offer, I will take a decision,” Rajoy told a joint briefing.
The discussions today were part of a round-robin of European diplomacy intended to contain a financial crisis that began in 2009 in Greece and has metastasized into a threat to the world’s second-biggest reserve currency. German Chancellor Angela Merkel and Italian Prime Minister Mario Monti sparred yesterday over giving the bailout fund a bank license to boost its bond-buying capacity.
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- Posted: 2012-08-30 13:17:31
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