After Credit rating downgrade Spain through the rating agency Fitch, the pressure on the highly indebted country is growing. The news agencies Reuters and dpa reported unanimously, citing government circles, that Spain will probably apply for help from the EFSF euro rescue fund today. It is about money that should flow into the support of the country’s banks. Before the announcement of the application, a conference call of the euro finance ministers was planned.
According to IMF calculations, at least 40 billion euros are necessary
According to the International Monetary Fund (IMF), the Spanish banking sector needs a safety net of at least 40 billion euros. This result of a stress test emerges from an IMF report on the stability of the Spanish financial system, which was partially published in Washington. The actual capital requirement is up to twice as high because of possible restructuring costs and loan defaults, said an IMF employee.
The government did not confirm the reports of an impending request for assistance. The Spanish Budget Secretary Marta Fernandez denied that Spain had to be saved. The claim that the euro finance ministers are planning a conference call today is also wrong.