Spain’s economy minister Luis de Guindos has denied that his country needs a bailout.
His speech in London was interrupted by a group of protesters who waved placards saying “Spain for sale” – opposition to austerity cuts is high in the eurozone’s fourth-largest economy.
Rumours have circulated that Spain will ask for a bailout, as soon as this weekend.
But he said: “Spain does not need a bailout at all.”
The Spanish government has found itself in financial difficulty since the 2008 global financial crisis caused a big crash in the country’s over-heated property market.
The latest austerity measures unveiled in Spain’s last budget, which came against a backdrop of violent protests, aim to make savings of around 13bn euros next year, by cutting public sector wages, education, health and social services.
Via – BBC
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.