Official Denials in Spain Escalate
From Iibre Mercado with an assist from Google translate, please consider Fear pervades the Government: "We do not need a bailout"
Fear among members of the Government. Featured Rajoy government ministers and Governor of the Bank of Spain have ruled on Tuesday block the possibility that Spain required some kind of international rescue."Bailout" of Spain on the Way
The Minister of Finance and Public Administration, Cristobal Montoro, has said that the Government did not seek help from European Rescue Fund to clean up the Spanish banks have a liquidity cushion "considerable" after having gone to the European Central Bank auction (ECB) held in December and February.
In this sense, told RNE by Europa Press, the finance minister denied that the government will opt for this possibility to help Spanish banks, as is exploring other. "We are studying the possibilities we have in hand as a government, "he assured Montoro, who has stressed that we must go" faster "in restructuring the banking sector, because you need credit to flow to achieve economic growth and job creation.
"We have to obtain and circulate the money, we are already exploring ways to accelerate the restructuring of banks in our country," said Montoro, while predicted changes in terms of bank mergers "increasingly committed to the supply of credit" .
For his part, Minister of Economy and Competitiveness, Luis de Guindos, has said that Spain does not need a bailout right now because it has a government "absolutely clear-minded" and a coordinated economic policy with European partners.
"Obviously you do not need a bailout right now," said De Guindos in statements to the media after participating in the Forum Europe, which has ensured that you have to do is implement the reforms and carry out the adjustment. In Guindos has also highlighted the need to also implement the outstanding reforms and continue with the process of austerity and reforms to ensure a fair distribution of efforts and a return to growth and job creation.
Finally, the Bank of Spain Governor Miguel Angel Fernandez Ordonez has said that the European Central Bank (ECB) has not addressed the possibility that Spain needs to be rescued by Europe, while highlighting the recent progress with reform labor.
There you have it, three official denials in a single day by the Minister of Finance, the Minister of the Economy, and the Bank of Spain.
Translation: "we need a bailout and fast, but politically we do not want one".
This bailout is going to be far more painful economically speaking than was Greece.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.
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