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.