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Spain Has Specific ‘Problems' With Banks
Spain has specific problems with its banking industry and should recapitalize lenders through the European stabilization fund, known as EFSF, German Finance Minister Wolfgang Schaeuble told El Pais in an interview.
Europe won't be able to set up a banking supervisor this year that could oversee aid sent directly to Spanish banks with the help of the European Central Bank, Schaeuble told the newspaper.
Funds that are channeled through the EFSF will be loans and not donations and will count towards Spanish debt even though they come with soft terms, Schaeuble told the newspaper.
To talk about what happens when the European banking supervisor is up and running would be "building castles in the sky" and officials need to work within the existing regulatory framework, he told El Pais. Spain is doing what it needs to and speculation about whether the country will require a full bailout is irresponsible, Schaeuble said.
Latest News & Stories
- Tens of Thousands of Spaniards Protest Unemployment During May Day Rallies
- Spain's election re-run would fail to break deadlock - Poll
- Population of Spain in decline
- Brit charged in Alicante pro-cyclist crash
- Spain Welcomed 12 Million Tourists in Q1
- Spain sees GDP growth of 2.5 pct in 2018, 2019
- Prosecutor will use Manos Limpias arrest to get royal out of fraud trial
- EU intervention sought over UK-Spain Gibraltar airport row
- Spain breaks its own record for joblessness of over 20%
- Bank of Spain sees private consumption growth steady at start of year