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EU has no rescue plans for Spain

Source: WSJ - Tue 2th Aug 2011

The EU has no plans for rescue loans for Spain, despite rising borrowing costs, a European Commission spokeswoman said earlier today.

Spanish authorities are taking the necessary steps to improve their budget situation, spokeswoman Chantal Hughes said. "We are absolutely confident that the Spanish authorities will take all steps which are necessary," Hughes said. "The question of a rescue plan is not on the table."

There is also no indication that either Spain or Italy won't participate in paying the next tranche of bilateral loans to Greece, Hughes said. Greece is due to receive EUR5.8 billion from the euro zone and EUR2.2 billion from the IMF next month.

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