ECM and IMF Deny Spain Bailout Talks

Spain will present new reforms by the end of September, EU Commissioner for Economic and
Monetary Affairs Olli Rehn said on Friday, as the country battles to stave off a request for financial aid from international creditors.

“On fiscal policy and structural reforms, it is essential to keep the momentum. (Spain’s Economy Minister Luis) de Guindos expressed very clearly that Spain is ready to take the necessary action to meet the fiscal targets, which are certainly in reach,” Rehn said at a news conference following the meeting of euro zone finance ministers in Nicosia.

Minister De Guindos also informed the Eurogroup today that the Spanish government intends to adopt a national reform program by the end of September based on recommendations of the European Union with very clear commitments and precise timetables,” he said.

Earlier the European Central Bank (ECB) and the International Monetary Fund (IMF) denied a newspaper report that they were in negotiations with Spain over a bailout.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza