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Desperate Spain seeks international aid for banks
05 June 2012 @ 16:35

The Spanish government today asked for international aid to bailout its banks because it says it has been shut out of the bond markets by rising interest rates. The announcement by Budget Minister Cristobal Montoro is a radical reversal by Madrid which just last week was insisting it would be able to handle the crisis on its own.

Montoro said in a radio interview that Spain could not afford to borrow more money because of steep risk premiums demanded by sovereign bond investors.

"What this premium tells us is that the state, and Spain as a whole, has a problem when it comes to accessing markets, when we need to refinance our debt," he said. "What that premium says is that Spain doesn't have the market's door open, as such, the challenge is to open that door and regain the confidence of those markets, our creditors."

Read the full article at CBS News

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5 Comments

Roger Rogers said:
09 June 2012 @ 08:01

Stop your siestas and start working properly - you might get somewhere. "Red Tape" in Spain is choking the system........................It's a joke (over complicating the whole system).

jodie said:
09 June 2012 @ 11:11

jodie said:
09 June 2012 @ 11:12

good for spain with the red tape. look at britain welcoming everyone in and paying for them. All of us who have worked all our lives, as did our parents grandparents etc and we are not even sure there will be a pension available. Yes the UK may have escaped so far but unless there are major reforms and more red tape to stop people from claiming child benefit for children who do not live in the UK etc the UK will go the same way

David H said:
09 June 2012 @ 16:40

I think what Roger Rogers meant was that red tape is hampering those of us who are trying to legitimately conduct our lives here in Spain but are relentlessly impeded by inefficient, inconsistent, and petty bureaucracy.
If Spain would put an end to its third world practises, start to encourage the formation of new enterprises without cost penalties for creating employment, we could believe in its recovery from its present malaise.

BOB DUNFORD said:
09 June 2012 @ 16:51

so now Spain is in the deep.even the euro zone and all its EU MPs which must be a very lot.which we are all paying for .do not know how to get out of this problem.they have not got the money .and the countries in the EU have not got the money to bail out any body else.they are now saying that from the start of the EU.it was said it could not go on.as all the countries were expected to pay out double for everything.two parliaments.there own and the Eu's.two lots of MPs .there own and EU MPs.two lots of Law Courts.There own Law and EU Law. all that this would cost ,Plus to Pay to be in the EU .Britain pays 9 Billion every year and this goes up every Year.When we used to belong to the World Free Trade,Cost us Nothing.On top of this Countries which are not in the EUu can Trade Freely with the EU.So why cant we.( take the EU Song Contest how many Countries who are not in the EU Sing in this show)I tell you more you think of it the more Crazier it Sounds.It seems the Eurozone was only put there to pay for more MPs and Legal Staff .Not for the People to Trade.I sat down at a Conference room, Where they talked about all this.And when we left we all said WHY,Reading the News online all over the World ,They are all now saying, Why,When all these Countries were doing alright before.Living in there own Playing Field.How much each Country could Afford.Not above there own Limits, Which they now are.My Father use to Say to me when i was Young.That there are better Brains out of Parliament then in Parliament.And listening to the Politicians now. i now know what he meant.