Spain denies it needs EU money for banks

Spain's economy minister has dismissed suggestions from France that his country’s banking sector needs to be bolstered with European money.

21st May, 2012
Spain's 2011 budget deficit was higher than expected, marking a second upward revision in recent months.

Spain's economy minister has dismissed suggestions from France that his country’s banking sector needs to be bolstered with European money.

But Luis de Guindos said recently nationalised lender Bankia will require a fresh injection of public money of up to €7.5 billion, according to an AP report. The minister’s comments came in the wake of the revelation on Friday that Spain's 2011 budget deficit was higher than expected, marking a second upward revision...

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