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Spain denies EU bailout rumours

Fri 11th Jun 2010

Spain's Ministry for Tax and Economy has today denied claims by a German newsaper, that the EU is preparing an intervention into Spain's finances as the country is about to slide into bankruptcy.

‘The EU is preparing for the bankruptcy of Spain' heads the artilce and goes on to claim that the fund to protect banks and savings banks is also on the verge of collapse due to the excessive debts of private companies.

The Ministry for Tax and Economy told the El Mundo newspaper that such an intervention ‘Has neither been studied, nor requested, nor would help be asked for in the future'.

The article in the press quotes ‘information'available, which shows that Portugal was originally the main candidate for EU intervention, but since the srat of May concern has turned to Spain.

The German Financial Times also goes on to claim that ‘For some days the interbank trade in the South of Europe is at a practical stand still'. It says that unlike in Greece where the main concern is the large public deficit, in Spain the concern is for the debts in the private sector following the bursting of the real estate bubble. It says that more Spaniards than originally thought will be unable to repay their bank debts, and this will make the situation in the financial system even worse, and that more funds will be needed in order for the banks to survive.

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