Spain makes explicit plea for bank aid

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Series Details 6.6.12
Publication Date 06/06/2012
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Spain made its most explicit call to date for European institutions to recapitalise the country’s banks on the 5 June 2012 as concerns increase about its own ability to raise the billions of euros needed on bond markets.

Mariano Rajoy, Spain’s prime minister, warned that the country was in a situation of 'extreme difficulty'.

He urged Europe to prove that the euro was 'irreversible' by agreeing a banking union and embracing eurozone bonds.

Germany remained opposed to allowing Spain’s banks to be bailed out without a formal request from the Spanish government.

The debate over how to respond to Spain’s growing problems rekindled fears outside the eurozone over the speed of its crisis response.

Related Links
ESO: Background information: ECB rejects Madrid plan to boost Bankia / Pressure on Madrid to probe Bankia’s fall
ESO: Background information: Brussels mulls cross-border rules to wind up failing banks
El País, 3.6.12: Europe braces itself for bailout dilemma: who gets the money?
El País, 4.6.12: Brussels warms to idea of banks directly tapping rescue
El País, 5.6.12: Minister Montoro: “The men in black won’t be coming”
EurActiv, 6.6.12: Germany pushes Spain to accept aid
EUObserver, 6.6.12: Spain appeals for EU bail-out of struggling banks
La Vanguardia, 6.6.12: Our time is nearly up (via PressEurop)
El País,6.6.12: Spain to decide on bank bailout after outcome of audit known
Spiegel Online International, 6.6.12: Spain's Bailout Refusal Is 'Kamikaze Politics'
Spiegel Online International, 6.6.12: Possible Deal Takes Shape on Aid for Spain's Banks
BBC News, 6.6.12: Spain: No request for bailout, says minister
ABC, 5.6.12: Watch out for the Men in Black (via PressEurop)

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