Luis deGuindos, Spain’s economy minister, stated today that the country is on the verge of asking for a bailout as reported in various media sources.
Any decision on a bailout request would be dependent on the outcome of audits of all Spanish banks. The results of the audit are not expected until the end of June. Continue reading
Amid concerns about looming bank failures in Spain, the European Commission is proposing providing bailout funds to banks directly rather than going through individual governments.
Commission head Jose Manuel Barroso cited the need for flexibility and speed in sending the funds directlyto banks. Also being placed on the table is a debate about creating a “banking union” similar to the Euro Zone.
