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Rajoy seeking to avoid bailout request this year

Source: El Pais - Sat 3rd Nov 2012
Rajoy seeking to avoid bailout request this year

Mariano Rajoy's PP Government is not ruling out seeking a second bailout to lower its borrowing costs, but believes this will not be necessary this year because of the recent improvement in the Treasury's financial position, government sources said earlier this week.

The Ministry of the Economy's debt management arm easily issued €48.6 billion in short- and long-term debt in September and October in the wake of the ECB's pledge to buy the bonds of euro-zone countries with funding problems if they first seek a bailout from the European Security Mechanism (ESM). That promise alone was enough to spark a narrowing of Spain's risk premium.

On Wednesday the PM reiterated he would not forego asking for a bailout if this was "necessary."

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