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Spain's Fiscal Stability Unharmed : De Guindos

Source: Bloomberg - Sat 20th Jul 2013
Spain's Fiscal Stability Unharmed : De Guindos

Spain's Minister for the Economy, Luis de Guindos said the country's stability has not been compromised by allegations of corruption at the ruling Partido Popular.

"We have not seen any sort of impact from this kind of potentially conflictive situation," Guindos told Bloomberg News in an interview from the Spanish trade office in Moscow, after G20 events ended. "Political stability is something that is possible for Spain."

PM Mariano Rajoy has faced pressure to respond to allegations that senior party officials shared at least €8.3 million between 1990 and 2008 from a secret slush fund that former party treasurer Luis Barcenas helped to manage. The extra yield that investors demand to hold Spanish 10-year debt instead of similar German bonds increased to 315.7 basis points yesterday.

Rajoy has denied allegations from Barcenas that he accepted cash payments before becoming premier. The PP has denied making illegal payments to officials.

Guindos also said Spain is in a "comfortable situation" in terms of funding and liquidity after having beat its debt sale goal. In last week's bond auction, the Spanish Treasury sold €3.06 billion of debt, more than its maximum target of €3 billion.

"We are meeting our targets," Guindos said.