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Markets  |  June 09, 2012 12:03:52

Juncker called for a rapid solution to the banking crisis in Spain


BERLIN (MEDIAFAX) - The head of the Eurogroup of eurozone finance ministers therefore, and Luxembourg Prime Minister Jean-Claude Juncker called for a rapid solution to the banking crisis in Spain. Informed the AFP on Saturday.

"The solution must come quickly," Juncker said late Friday evening in an interview for German radio.

At the same time, Juncker insisted that the crisis in Spain is comparable to that of Greece. Madrid also praised efforts to stabilize the Spanish public finances.

Spain is currently facing increased financing costs. The main reasons are high levels of debt and banking sector problems caused by the collapse of the real estate bubble. Madrid is looking for a way to find money to finance the recapitalization of the financial institution Bankia, the fourth largest Spanish bank, which needs financial assistance amounting to 19 billion euros (410 billion),the total 23.5 billion euros. Problems but also have other local banks. Fitch estimates that the bank bailout will need to Madrid from 50 to 60 billion euros, but in extreme cases up to 100 billion euros. According to the International Monetary Fund (IMF), it could be between 40 to 80 billion euros.

Eurozone Finance Ministers will be under European sources to AFP on Saturday was expected to solve Spain's request for help for the Spanish banking sector. According to sources, it is expected Spain's request for support, it needs just drowning in problems of the Spanish banking sector. Teleconferencing the Eurogroup of eurozone finance ministers therefore, according to the source would have to start at 16.00 CET. "The aim is to agree a Letter of Intent Spanish to ask for help and commitment to his Eurogroup returns," said European government source to AFP.

"There is no timeline and no choice of instrument (to recapitalize Spanish banks)," added the source with the fact that prior to the conference call has yet to meet the Eurogroup Working Group, composed of senior officials from finance ministries to prepare documents for this meeting .

Saturday's statement by Spanish speakers of the local Ministry of Economy, but changed its position and asking for help for its banking sector. "There has been no change," she replied when asked whether the Spanish government changed in the face of strong pressure from its position on the search for a new capital for Spanish banks to avoid severe financial shocks.

Asked whether this means that the country does not seek financial aid, said: "This means that we have the same position as yesterday."

Spanish Deputy Prime Soraya Saenz de Santamaria said on Friday that the government will await the results of the report of the International Monetary Fund (IMF) and two independent audits of the Spanish banking sector after the country under the rule. The first independent audit of the local banking sector, which will focus mainly on how much capital sector needs to be completed by 21 June. The second, more detailed audit of banks should be completed by 31 July.

Spain would thus become the fourth country after Greece, Ireland and Portugal, which has requested financial assistance from the international debt crisis of the beginning of the currency bloc.

Tomáš Králíček, kralicek@mediafax.cz

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