Blogs and advice from Industry leading Specialists
Valuable Opinions, Comments & Gossip
Financial related News & Articles relating to Spain
Latest News, Stories
& Hot Topics
Various Tools & Widgets to help with your financial needs
Tools & Widgets to
help with finances
Polls, Surveys and Opinions featured throughout Tumbit
Featured Polls, Surveys & Stats
Discussions, Advice & Topical Chat
Discussions, Advice & Topical Chat

Spain working for better euro integration: Treasury

Source: Reuters - Tue 13th Sep 2011

Spain will cooperate with other euro-zone economies so they are better integrated and so financial markets function better, a senior Spanish Treasury official said on Tuesday as he ruled out a breakup of the common currency.

Debt crisis fears in Europe have escalated as Greece's fiscal repair efforts appear to be faltering and as Italy and Spain continue to be sucked deeper into trouble.

Ignacio Fernandez-Palomero Morales, public debt manager at Spain's Treasury also said Spain needs to coordinate with other European bond issuers to avoid flooding the market with supply as bond markets remain volatile.

"We'll implement all the reforms that are needed to enhance and stabilize the euro, and to be able to work with European partners for a better integration (as well as a) better functioning of markets."

"I don't see the euro breaking up at all," he said.

Morales said Spain was implementing reforms that would enable more effective integration, the latest being its plan to amend its constitution to limit its public deficit and debt after calls by euro zone heavyweights France and Germany.

Italian and Spanish yields rose on Monday, widening their spreads over German Bunds, while European stocks and banking shares fell, highlighting how brittle investor confidence was in euro zone assets.

Morales said banks that underwrite Spanish government debt have been doing a very good job in difficult, volatile market conditions.

But as market conditions become more severe, Spanish authorities are focusing on gathering market intelligence to identify appropriate times for bond issuance and to closely follow market behavior after auctions, he said.

He said Spanish spreads have widened despite a constant flow of positive news for the Spanish economy, calling the moves sentiment-driven and a contagion effect from Europe's debt woes.

Comment on this Story

 
Be the first to comment on this Story !!

Related Partners

Recommended Items

Related Articles

Related Blogs