Mediafax (Mediafax)
Bonds  |  June 01, 2012 00:15:05

The Spanish government on Friday approved issuing bonds of common regional governments (June 1, 2012)


MADRID (MEDIAFAX) - The Spanish government on Friday by the Ministry of Economy approves issuance of bonds of common regional governments to make it easier for them to raise capital. Informed the AFP.

The government hopes that by creating a "hispanobonos" which will be guaranteed by the State, will help reduce the financial cost of the 17 Spanish autonomous communities, which now differs sharply.

"I can confirm that it will be approved on Friday. Goal is to reduce pressure on the regions, which is often greater than the pressure on the state as a whole, some regions are unable to borrow in the market," said the spokesman for the Ministry of Economy.

Debt burden of the 17 Spanish regions and highly decentralized growth in bad loans at local banks threaten financial stability and move it further towards the debt crisis contagion.Investors are worried that the financial problems of the country to swell so much that Spain will need as the fourth eurozone countries after Greece, Ireland and Portugal international financial assistance.

For example, the richest region of Spain - Catalonia - not according to Friday's statement of the local premiere of Arthur Mase able to refinance debt and in need of rescue from the Spanish government. "We do not care how they do, but we have to repay at the end of this month payments. Economy can not consolidate if you can not pay their bills," said Mas on Friday against foreign journalists.

Catalonia is a fifth of the Spanish economy, the region needs this year to repay the debts of 13 billion euros in addition to finance its budget deficit. All regions in Spain together to refinance debts this year of $ 36 billion.

Last year while most Spanish regions delayed their payments for several months. This year, the Spanish central government gave special credit line for the regions of Catalonia which received two billion euros. Its annual interest payments on debt in the last two years, doubled for this year's order of two billion euros.

According to Mase Catalonia in the past lent interest-bearing bond of 4.5 to five percent, but its possibilities are now exhausted. The region uses a short-term emergency funding from banks in neighboring regions. The credit rating agency Standard & Poor's in early May Catalan debt rating cut to four stops to "BBB-".

This year's deficit of Catalonia is scheduled to 1.5 percent, but due to problems regarded as unrealistic.Catalonia was the austerity measures reduce wages in the public sector, to introduce a tourist tax, worsened in the fuel tax or freeze part of the investment, but still insufficient.

Tomáš Králíček, kralicek@mediafax.cz

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