Spain minister says market door closed; Spain makes explicit plea for bank aid

Spanish Treasury Minister Cristobal Montoro on Tuesday said that given current borrowing costs, financial markets had effectively shut out the country. Montoro made the comments in an interview with Onda Cero radio, according to media reports. “The risk premium says Spain doesn’t have the market door open. The risk premium says that as a state we have a problem in accessing markets, when we need to refinance our debt,” he reportedly said. Montoro also said Spanish banks don’t need “excessive” amounts to recapitalize, and also ruled out a full rescue for Spain. He said European institutions need to “open up and help us achieve, help facilitate that figure because we’re not talking about astronomical figures,” according to Bloomberg News. The yield on Spain’s 10-year government bond ES:10YR_ESP 0.00% traded up 2 basis points to 6.42%, while the euro EURUSD -0.46% pushed lower to $1.2436.



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