FXstreet.com (Barcelona) - Spain will refuse to play along German/EU imposition and seek a full-blown bailout other than the current financial aid given to its banks should new conditions come attached.
Spain is resisting and continues to demand that in case of requesting a sizeable rescue package, conditions should not be any different from those already agreed for recapitalising lenders, an EU source said Tuesday, AFP reports.
Prime Minister Mariano Rajoy is under pressure to call in financial assistance as the country deepens into recession. The Spanish government said on Friday it plans to save up to 102 billion euros ($125 billion) by 2014 in order to bring public finances back to 3.0% of GDP.
Since ECB chief Mario Draghi raised the prospect of reactivating the bond buying program last Friday, aiming to bring down Spanish bond yields, the pressure is now on Rajoy's shoulders. Any ECB assistance, if Draghi's words are of any reliable guidance, will be subjec to the Spanish government first requesting aid to Euro zone authorities.
"I want to know what these measures are to see if they are adequate," Rajoy said on Friday. "Then I will take the best decision for the general interest of the Spanish people."
Spain is resisting and continues to demand that in case of requesting a sizeable rescue package, conditions should not be any different from those already agreed for recapitalising lenders, an EU source said Tuesday, AFP reports.
Prime Minister Mariano Rajoy is under pressure to call in financial assistance as the country deepens into recession. The Spanish government said on Friday it plans to save up to 102 billion euros ($125 billion) by 2014 in order to bring public finances back to 3.0% of GDP.
Since ECB chief Mario Draghi raised the prospect of reactivating the bond buying program last Friday, aiming to bring down Spanish bond yields, the pressure is now on Rajoy's shoulders. Any ECB assistance, if Draghi's words are of any reliable guidance, will be subjec to the Spanish government first requesting aid to Euro zone authorities.
"I want to know what these measures are to see if they are adequate," Rajoy said on Friday. "Then I will take the best decision for the general interest of the Spanish people."
