France FinMin If Spain Asks Tools are Available

The European Union has the available mechanisms ready if Spain needs to request financial assistance to help deal with its borrowing concerns, France’s finance minister said, praising the “determination” in Greece to see through another round of tough reforms.

“Spain will have to make its own decision. It’s a matter of sovereignty, but now all tools are available, if there is a demand from Spain,” Pierre Moscovici said on a visit to Athens.

EU Finance Ministers will meet in Cyprus on Friday and are expected to discuss concerns of Spain’s troubled public finances as well as Greece’s efforts to meet tough commitments set by rescue lenders.

Moscovici, who met with conservative Prime Minister Antonis Samaras and top Greece finance officials, said implementation of planned cost-cutting reforms in Athens would determine whether it receives any concessions from emergency lenders.

via Mainichi

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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