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Spain Treasury calls meeting with banks

Source: Reuters - Wed 7th Sep 2011

Spain's Treasury has called a meeting for Wednesday with the country's main banks to review financial markets and the ECB's bond buying, Expansion newspaper said, citing an unnamed bank source.

Treasury officials were not immediately available to comment on the report.

Expansion said the Treasury would meet with representatives of Spain's 22 market-making banks later in the day, and debt market traders would also attend.

"I imagine the Treasury wants to send a message of calm given the current market situation," Expansion cited the source as saying.

The ECB has lately been buying debt issued by Spain and Italy to keep their borrowing costs at sustainable levels.

The premium investors demand for buying Spanish rather than German debt rose on Tuesday to about 344 basis points, or its highest since early August when the ECB resumed bond buying, due to doubts about Italy and Greece's willingness to implement unpopular austerity programmes.

The spread narrowed to about 326 basis points in early dealing on Wednesday.

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