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Rajoy: Spain banks donâ€™t need European rescue

Rajoy: Spain banks donâ€™t need European rescue

21 May 2012 09:27 (UTC +04:00)

Baku â€“ APA-Economics. Spanish Prime Minister Mariano Rajoy (pictured) said he did not believe that Spain’s banks would need rescuing by Europe, Oman Daily Observer reported.

"I don’t think so," Rajoy told journalists after arriving in Chicago to take part in a two-day Nato summit, expressing surprise after French President Francois Hollande said he was favourable to a European mechanism to support the recapitalisation of Spanish banks.

"I don’t really know if Mr Hollande said that, because if he said it must be because Mr Hollande has information that we don’t have," he added.

Hollande said that it would be "desirable" for there to be a recapitalisation of the Spanish banks. Moody’s on Thursday cut the debt ratings of 16 Spanish banks by one to three notches, citing the effects of the ongoing recession and the Spanish government’s own reduced creditworthiness.

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