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"Spain needs no bailout" : PP

Source: Bloomberg - Mon 4th Jun 2012
'Spain needs no bailout' : PP

Spain doesn't need an international bailout, the deputy leader of the ruling PP has said, and called on European institutions to support the nation in return for following their recommendations.

"Given that Spain, the Spanish authorities and Spanish people are complying with their responsibility, the European institutions should respond to the countries that are doing what those same European institutions say must be done," Maria Dolores de Cospedal told reporters in Madrid today.

Spain's 5 month-old government is struggling to calm speculation it will need to seek a bailout as German Chancellor Angela Merkel's spokesman said today it's up to the Spanish government to decide whether it needs help.

Bankinter CEO Maria Dolores Dancausa broke with the government's position on June 1, saying there may be no alternative to a European rescue.

"Spain is capable of getting out of this on its own," Cospedal, Prime Minister Mariano Rajoy's deputy in the party, said today.

Rajoy has repeatedly called on European institutions to support Spain, and urged the ECB specifically on May 24 to help make public debt "sustainable." The ECB started buying Spanish debt in August to bring down yields and data show Spanish lenders were among the biggest beneficiaries of the central bank's 1 trillion of 3 year loans offered in December and February.

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