Spain Needs to Clarify Financial Needs

Euro zone finance ministers pressed Spain on Friday to clarify whether it will seek financial support after the announcement of the European Central Bank’s new bond-buying program brought Madrid’s borrowing costs sharply lower.

Spanish Finance Minister Luis de Guindos deflected questions about a possible aid application on arriving for talks in Cyprus, saying they would discuss in general terms the conditions for ECB intervention in the markets.

“I’d like them to set out their position because it hasn’t been clear over the summer what their position is,” Irish Finance Minister Michael Noonan told reporters, reflecting concern among several euro zone countries that uncertainty over Spain is holding back a recovery from the bloc’s debt crisis.

via CNBC

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