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Bigger euro fund would make bailout less likely-Spain

Source: Reuters - Fri 27th Jan 2012
Bigger euro fund would make bailout less likely-Spain

Spanish Prime Minister Mariano Rajoy said on Thursday that the more money there was in the euro zone's bailout funds, the less likely it was that they would have to be used.

Speaking alongside Germany's Angela Merkel, who has resisted calls from the International Monetary Fund and Italy to boost the funds, Rajoy said: "Probably the bigger it is, the less likely it will have to be used."

"But the most important thing is for us to have a mechanism now, and that it can start operating," Rajoy told a news conference.

Rajoy said he had not discussed with Merkel Madrid's wish for more leeway in Spain's public deficit target, to reflect concerns about the ability of the Spanish economy to make the necessary savings.

Rajoy also echoed a proposal from the chancellor to use leftover European Union structural funds to generate jobs.

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