MENAFN - Saudi Press Agency
Spain does not need bailout, finance minister tells EU lawmakers
(MENAFN - Saudi Press Agency) Spanish Finance Minister Luis de Guindos said Monday during talks with members of the European Parliament that
Spain did not need a full bailout, dpa reported.
'At the moment, as in the past, the Spanish government is
financed,' de Guindos told the parliament's economic and monetary affairs committee.
'I think that everybody pretty much agrees that Spain is doing what it has to do in terms of meeting its obligations, meeting the conditions arising from (its excessive deficit),' he said.
Spain has been granted a banking bailout of up to 100 billion
euros (127 billion dollars), of which the country would need up to about 40 billion euros, de Guindos confirmed.
He said that about 90 per cent of this would go to the four banks
already being monitored by the bank restructuring fund FROB, while 70
per cent of the country's financial sector was healthy and solvent.
A so-called bad bank would be up and running by December 1 to hold
toxic assets, de Guindos added.
He praised the European Central Bank's (ECB) new unlimited
bond-buying programme, which confirmed the bank's 'commitment to the
euro,' and said its mere announcement had 'mitigated considerably'
the problems of troubled eurozone members such as Spain.
De Guindos defended Madrid's economic projections, which are more
optimistic than those of the European Commission.
'I believe - and it's my duty to defend this - that the Spanish
government's forecast is based on reform and on specific actions,' he
The EU's executive expects Spain's deficit to reach 8 per cent
this year, compared to Madrid's forecast of 7.3 per cent.
De Guindos predicted that 2012 gross domestic product would fall
by 1.5 per cent - an improvement of 0.2 per cent on previous
The minister outlined Spain's 'brave and consistent' measures to
generate growth and jobs as well as meeting European objectives in
the last 11 months, but stressed that faith in the euro currency was
key to the country's recovery.
'Spain's economic recovery is going to be very difficult or
impossible until the doubts about the future of the euro are cleared
up,' he said.
'We are paying for an extra spread in our interest rates, and it
could be somewhere around 200 base points,' he said, adding that the
ECB had confirmed these figures. A drop of 100 base points would
improve GDP by 0.5 per cent, he added.
'According to the ECB, Spanish small and medium enterprises are
paying twice as much as Germany's for their debt,' he said, calling
'European institutions need to show an iron determination to move
towards more banking, fiscal and economic integration, that's the
only way for Europe to come strengthened out of this crisis,' de
MENA News Headlines
|Mar 11 2014||Egypt doctor faces trial over fatal female genital mutilation ,AFP|
(MENAFN - AFP) A doctor in Egypt will face trial for performing a female circumcision operation that killed a teenage girl, a judicial official said on Tuesday.
The 14-year-old girl's father who ...|
|Mar 11 2014||Al Hilal Bank - Kazakhstan shares banking expertise at TradeInvest Central Asia forum ,MENAFN Press|
|(MENAFN Press) Al Hilal Bank â€“ Kazakhstan, the first Islamic bank in Kazakhstan, yesterday (Monday, March 10, 2014) joined a panel discussion on business opportunities in Central Asia at the Trade ...|
|Mar 11 2014||Africa Finance Corporation (AFC) Hosts Inaugural Summit to Address the Scale of Africas Infrastructure Requirements and Investment Deficit
|(MENAFN Press) The Africa Finance Corporation (AFC) (http://www.africafc.org), an African-led multilateral development financial institution whose mission is to improve African economies by ...|
|Mar 11 2014||Dubai Exports invites local firms to capitalise on opportunities in fast-growing Central Asia ,MENAFN Press|
|(MENAFN Press) Dubai Exports, the export promotion agency of the Department of Economic Development (DED) â€“ Government of Dubai, today hosted a networking seminar in partnership with the Trade and ...|
|Mar 11 2014||7 companies bid for Oman airport contract ,MENAFN|
|(MENAFN) Seven construction companies are bidding for the Package-3 contract of the new Sohar regional airport in Oman, Arabian Business reported.
Package-3 includes the construction of a ...|
|Mar 11 2014||Emirates REIT to raise USD135m in IPO ,MENAFN|
|(MENAFN) The first real estate investment trust in the UAE, Emirates REIT, said that it plans to raise at least USD135 million through an initial public offering of shares, Arabian Business ...|
|Mar 11 2014||Saudi Aramco plans to increase natural gas output ,MENAFN|
|(MENAFN) Saudi Aramco announced its plan to produce 200 million cubic feet per day (cfd) of unconventional natural gas by 2018, Arabian Business reported.
An industry source said that the firm's ...|
|Mar 11 2014||South American 'mate' tea a long-time Lebanese hit ,AFP|
(MENAFN - AFP) Steam rises from a gourd filled with yerba mate as Wissam al-Halabi takes a sip, seated on a Lebanese mountain slope where the South American drink has become a local tradition.
|Mar 11 2014||Tanker escapes to sea with cargo of Libyan rebel oil ,AFP|
(MENAFN - AFP) A North Korean-flagged tanker laden with oil from a rebel-held terminal in eastern Libya slipped the warships deployed to intercept it and escaped to sea on Tuesday, MPs said.
|Mar 11 2014||D&S wins USD9.5m Dubai Airport project ,MENAFN|
|(MENAFN) Drake & Scull Rail, a subsidiary of Drake & Scull International PJSC (DSI) announced that it won a USD9.5 million contract for a new airport passenger movement system at the Dubai ...|
|Mar 11 2014||DDC, Starcare sign USD18m hospital deal in Duqm ,MENAFN|
|(MENAFN) Oman's Duqm Development Company (DDC) and Starcare Hospital have signed an agreement for the construction of a hospital at Duqm, Times of Oman reported.
The project, at an estimated cost ...|
|Mar 11 2014||Oman to award USD65 b projects the next five years ,MENAFN|
|(MENAFN) According to an expert, Oman is going to award engineering, procurement and construction (EPC) contracts worth USD65 billion in the next five years, Times of Oman reported.
These projects ...|
|Mar 11 2014||New WaveLogic Photonics Capabilities from Ciena Give Service Providers Greater Visibility, Control and Automation ,MENAFN Press|
|(MENAFN Press) CienaÂ® Corporation, the network specialist, today unveiled WaveLogic Photonics, new line intelligence capabilities that significantly improve visibility, control and programmability ...|
|Mar 11 2014||SAMENA Councils Beyond Connectivity to highlight four-pillar approach for telecom operators which can boost economic growthsustainable development ,MENAFN Press|
|(MENAFN Press) The South Asia, Middle East, North Africa region's SAMENA Telecommunication Council has announced today its Beyond Connectivity 2014 conference themed "Fostering Economic Growth: ...|
|Mar 11 2014||ZOTAC Launches New ZBOX E-Series Gaming and ZBOX nano AQ02 Series Palm-Sized mini-PCs ,MENAFN Press|
|(MENAFN Press) ZOTAC International, a global innovator and manufacturer of graphics cards, mainboards and mini-PCs, today starts CeBIT 2014 with a pair of new ZBOX E-series gaming mini-PCs and the ...|
|Mar 11 2014||Tunis Financial Harbour Signs the Appointment of Soroubat to Commence Development ,MENAFN Press|
|(MENAFN Press) Tunis Bay Project Company (TBPC), announced at a press conference held in Tunisia the appointment of Soroubat, a leading Tunisian contractor, for the development of the infrastructure ...|
|Mar 11 2014||Indulge in special Mothers Day treats at Concorde ,MENAFN Press|
|(MENAFN Press) Concorde Hotel Fujairah lets you celebrate the special Day for Mums with its exclusive dining and spa promotions for the entire month of March.
Relish a month-long gastronomic feast ...|
|Mar 11 2014||NestlÃ© Transparent on commitments ,MENAFN Press|
|(MENAFN Press) NestlÃ©'s efforts to meet a series of commitments in areas where the company engages with society are detailed in a new report, NestlÃ© in Society 2013.
The 35 pledges cover ...|
|Mar 11 2014||Al Basel Group launches Amani Investments ,MENAFN Press|
|(MENAFN Press) The Al Basel Group of Companies has revealed the launch of Amani Investments, the conglomerate's latest addition to its diverse portfolio of business interests. Established to be the ...|
|Mar 11 2014||Commercial aviation is a key pillar of the U.S.-U.A.E. relationship ,MENAFN Press|
|(MENAFN Press) Record trade numbers between the U.S. and U.A.E. totaled $26.9 billion in 2013, with commercial aviation partnerships playing a central role in that success, according to the ...|