Spain: No request for bailout, says minister

Written by Super User 07 Jun 2012

Spain's Economy Minister has dampened speculation that the country is about to seek a bailout of its bank sector. There have been reports in the last few days that Spain was seeking an immediate bailout from eurozone funds. Mr de Guindos was speaking in Brussels, where proposals aiming to avoid taxpayers having to fund future bailouts of banks have been published. An International Monetary Fund audit of Spain's banks is due next week. On Wednesday, the European Commission unveiled proposals designed to stop taxpayers' money being used to bail out failed banks. The aim is to ensure losses are borne by bank shareholders and creditors and minimise costs for taxpayers. However, new legislation is unlikely to come into force before 2014 at the earliest, too late to protect taxpayers from any further immediate bank failures.

Pray: for God’s help and to give us wisdom as the governments seek solutions to these monetory problems.

More: http://www.bbc.co.uk/news/business-18333240

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