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Germany urges Spain to 'ask for financial help'

The Local · 9 Jun 2012, 12:25

Published: 09 Jun 2012 12:25 GMT+02:00

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"If Spain feels overwhelmed by its financial needs, it should use the instruments which have been created for that," Weidmann said in an interview to appear Sunday in the weekly Welt am Sonntag.

"The motto must not be: Above all no rescue funds. Hoping for central bank aid to avoid fulfilling one's responsibilities is a bad move," the Bundesbank chief was quoted as saying in a pre-release of the interview.

In Madrid, a Spanish finance ministry spokeswoman said earlier in the day that Madrid had not changed its position and was not seeking aid for its banking sector.


"There has been no change," the spokeswoman replied when asked if the government had changed its position in the face of intense pressure to seek tens of billions of euros in new capital so banks can resist severe financial shocks.

She spoke ahead of a scheduled emergency conference call by eurozone finance ministers to discuss how to help Spanish banks.

The ministers were expected "to agree a declaration on Spain's intention to request aid and the Eurogroup's commitment to granting it," a European government official said.

Earlier, another official who also asked not to be identified said the 17-member eurozone expected the Spanish aid request "any time now."

Story continues below…

If Madrid does ask for help, it would mean the eurozone sovereign debt crisis has defied desperate attempts to contain the crisis to Greece, Ireland and Portugal.

It would also thrust the eurozone into uncharted waters - Spain's economy is more than twice the size of those three countries combined.


The Local (news@thelocal.de)

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Your comments about this article

13:10 June 9, 2012 by smart2012
of course he wants it, if Spanish bank bubble explodes, German/French backs will be in trouble
13:42 June 9, 2012 by AlexR
First it was Greece. Then Ireland and Portugal. Now Spain. Next Italy.

And coming soon to theatres near you.
16:17 June 9, 2012 by Bushdiver
The Germans can't wait to throw more money away. I could use a few Euro's as well.
18:23 June 9, 2012 by arthur bletchly
For advice about buying UK property in Wales/ South West England ie outside eurozone you should seek the advice of a chartered valuation surveyor practicing locally and regulated by RICS. Rural property has recently done exceptionally well. Prospective purchasers should understand that checks will be made because of UK money laundering rules.
11:19 June 10, 2012 by Leo Strauss
Fasten your seatbelts and get ready for a wild ride cuz its gonna be a hot summer in Europe. Spain is doomed and it is not Greece. Little Greece was just the Beta Test. They got away with phase one and now its on to phase two.

Check out this hilarious mock-Jackass Euro 2012 movie poster with the whole Euro gang:


Love the Merkel caricature.
15:27 June 10, 2012 by catjones
I too am wringing my hands and storing can goods and bottled water for the doomsday coming. The horror of it, the horror of it.
15:45 June 10, 2012 by Leo Strauss

Enter Strawman :)
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