Spain Yet To Request Bank Assistance From EU
"There is no request from the Spanish authorities at this point in time for financial assistance therefore there is no rescue plan as such," Amadeu Altafaj Tardio, spokesman for Economics Commissioner Olli Rehn, told reporters. Mr. Altafaj Tardio said an assessment of the banking sector's fragilities is currently taking place, which will be followed up by how much in terms of recapitalization will be needed. "If these financial needs for recapitalizations are not met through market operations first, with national public funds second, only then the European Financial backstops can be activated upon a request of the member state." Concerns are growing about Spain's ability to finance itself in the markets. Spanish Budget Minister Cristobal Montoro said Tuesday that EU institutions should move fast to ensure rules are updated to they can act to directly boost the capital of troubled banks in Spain. Write to Clare Connaghan at (END) Dow Jones Newswires June 07, 2012 07:55 ET (11:55 GMT) Copyright (c) 2012 Dow Jones & Company, Inc.
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