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IMF Chief has confidence in Spain

Wed 6th Apr 2011

According to the head of the IMF, Spain has made progress in regaining the confidence of the markets and has neither asked for financial help, nor is likely to require it.

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Dominique Strauss-Kahn was speaking to the world's press in an interview given earlier this morning.

Investors are closely monitoring the effects of recent reforms in Spain to see how the country gets its finances back in order following the recession of 2008. Earlier last month Moody's credit ratings agency downgraded Spain's long-term credit rating by a notch to "Aa2".

They also seemed unconvinced that the government had done all it could do to cut public spending and restructure its banking system. They warned that they may make further downgraded to the rating of the country in the near future.

Just 2 weeks ago Moody's also downgraded the credit ratings of 30 Spanish banks, warning that the government might not be in a position to bail out each troubled bank. The three biggest Spanish banks - Banco Santander, BBVA and La Caixa - were the only ones to escape being downgraded.

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