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Spanish PM urges calm over crisis


Spanish Prime Minister Mariano Rajoy played down fears the country would need an international bailout, saying the country would find its own way out of the financial crisis.

Spanish Prime Minister Mariano Rajoy tried to play down fears the country would need an international bailout, saying the country would eventually find its way out of the financial crisis on its own.

After a dismal week that saw the country’s borrowing costs soar, Rajoy, speaking at an economic forum in Sitges in eastern Spain, Rajoy said he was sending a “message of calm”.

“Spain is a very solid country, although right now, no one seems to remember this,” he said.

Doubts about Spain’s solvency rocked global markets this week and saw the interest rate on 10-year government bonds hit a record 5.48 percentage points on Friday, as Spanish markets slumped to lows not seen since April 2003.

But Rajoy insisted the country “will get through the storm through its own efforts and with the support of our European partners.

“Because what’s at stake isn’t just the economic future of Spain but the very future of European monetary union.”

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