Rajoy says ESM should directly recapitalise banks

Spanish prime minister Mariano Rajoy said the euro region’s rescue fund should be able to bypass national governments and recapitalise distressed lenders directly.

28th May, 2012
Spanish prime minister Mariano Rajoy.

Spanish prime minister Mariano Rajoy said the euro region’s rescue fund should be able to bypass national governments and recapitalise distressed lenders directly, even as he argued that Spanish lenders won’t need external support.

“Lots of people are in favour of that, and I certainly am,” Rajoy told reporters in Madrid today at a hastily called news briefing as Spanish markets tumbled. “There won’t be any rescue of Spanish banks.”...

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