Spain is poised to become the fourth of the 17 euro-area countries to require emergency assistance as the currency bloc's finance chiefs plan weekend talks on a potential aid request to shore up the nation's lenders.
A bid for help may come as soon as tomorrow when euro finance ministers hold a conference call, said a German government official and a European Union aide, each of whom declined to be identified because the matter is confidential.
The prospect of action underscores officials' concerns amid speculation that Greece may be forced out of the euro and as Spain struggles to persuade markets it can protect troubled banks and finance its budget deficit. The country's credit rating was cut three grades by Fitch Ratings yesterday and Prime Minister Mariano Rajoy said for the first time he's discussing with European leaders how to help Spanish banks.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
- Exclusive discounts on ALM and Treasury & Risk events.
- Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
*May exclude premium content
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
