Spain Inches Closer to Asking for Bailout

Spain inched closer to seeking a sovereign bailout as prime minister Mariano Rajoy opened the door to a request, but said he would first need to know the attached conditions.

by Rachel Cooper, and agencies
Telegraph.co.uk

Spain inched closer to seeking a sovereign bailout as prime minister Mariano Rajoy opened the door to a request, but said he would first need to know the attached conditions as well as the form a rescue would take.

Speculation has been mounting in recent weeks that Spain could ask for a bailout as its borrowing costs touched fresh highs and financially-stretched regions of Spain said they may be forced to turn to Madrid for assistance to meet their debt obligations.

At a news conference following a cabinet meeting on Friday, Mr Rajoy said he was ready to do what is best for Spain. He said he would consider asking the euro region’s bailout funds to buy Spanish debt if it was best for the country. However, he added that Spain would study the new measures being planned by the European Central Bank to resolve the eurozone debt crisis before taking any decision as to whether or not to use them.

Continue Reading at Telegraph.co.uk…

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