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IMF Sends Special Unit to Evaluate Spain’s Solvency, Mundo Says
17 January 2011 @ 14:45

The International Monetary Fund has sent a special unit to meet with the Bank of Spain, the Spanish Treasury and the nation’s largest banks to evaluate the country’s solvency, El Mundo reported, citing unidentified people familiar with the matter.

Once the evaluation is concluded, the IMF may offer Spain a flexible line of credit, an instrument offered to Mexico, Poland and Colombia in the past, the newspaper said.

Unlike a bailout, a flexible line of credit is a deposit that can be used by countries experiencing temporary financing problems, according to the newspaper.

Source: Bloomberg

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