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Rajoy : "Spain says no to Bailout"

Source: Reuters - Wed 23rd May 2012
Rajoy : 'Spain says no to Bailout'

Spain has no intention of seeking bailout funds for the country's troubled banks, PM Mariano Rajoy said after meeting new French President Francois Hollande in Paris to discuss policy on Wednesday.

Rajoy also said the current cost of borrowing was unsustainable and that doubts over the euro must be dissipated.

The two will travel to Brussels for a European Union summit at 1800 GMT, where minds will be focused by the prospect of Greece exiting the currency area.

Rajoy later told the press that the best option for Greece and for the rest of Europe is for the country to stay in the euro monetary union.

"I simply hope that the euro group doesn't have a lot of work to do on this and that Greece stays in the euro. I sincerely think that is the best for Greece and for Europe," Rajoy said after meeting new French President Francois Hollande in Paris to discuss policy.

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