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Spain stance unchanged, not seeking bailout: official

business Updated: Jun 09, 2012 14:57 IST

AFP
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Spain has not changed its position and is not seeking aid for its banking sector, an economy ministry spokeswoman said Saturday ahead of a conference call by eurozone finance ministers.

"There has been no change," the spokeswoman said when asked if the government had changed its position in the face of intense pressure to seek new capital for its banks to resist severe financial shocks.

Asked if this meant the country was still not seeking a bailout, she said: "That means we have the same position as yesterday."

Spain's deputy Prime Minister Soraya Saenz de Santamaria said Friday that the government would wait for the results of an IMF report and two independent audits into Spanish banks recapitalisation needs before making a decision.

The International Monetary Fund said late Friday that Spain's weak banks will need at least 40 billion euros (US$ 50 billion) in new capital to bolster their defences against severe financial shocks.

The IMF was initially due to present the results of its stress tests on Spanish banks Monday.

The government expects to get the results of the two independent audits into Spanish banks which it ordered by June 21.

Eurozone finance ministers are to hold a conference call at 1400 GMT Saturday "to agree a declaration on Spain's intention to request aid and the Eurogroup's commitment to granting it," a European government official said.