Vladimír Urbánek (Kurzy.cz)
Markets  |  October 05, 2012 13:42:33

Spain might not need any help


Any financial assistance to Spain will not be necessary for the agency said today an unnamed source close to the ongoing negotiations on possible assistance to the country. Is increasing indications that Spain will have sufficient capacity to achieve its deficit reduction targets for its public finances. According to the source there is absolutely no guarantee that the Spanish Prime Minister does come with a request for international financial assistance with the help of European rescue mechanisms.

Spanish Finance Minister Luis de Guindos said last night that no help is needed.

According to other sources, however, are targets of budget cuts for next year too ambitious and are based on overly optimistic estimates of economic development, which "chance" the need to request for help actually only increases.
Spain wants for next year to reduce the budget deficit to 4.5% of GDP. This should decrease by 0.5% vs. 1.3% expected mostly market. This year's deficit is currently estimated at 6.3% of GDP.

Spanish bond yields today, but after three days of growth decreased. 10-year bond yield fell by 13 basis points to 5.77%. Spread against German banchmarku likewise decreased by 17 to 429 points.
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