According to the British "Financial Times" reported that the EU is to develop assistance programs of the "limited conditions" to help the beleaguered Spanish banking sector. The program is expected may be introduced in July.
So far, in order to avoid forced to accept the harsh conditions of the recipient, the Spanish government still refuses to officially apply for assistance to the European Union and International Monetary Fund (imf). However, the Government of Spain, due to the high cost of borrowing, from the market effective access to financing, hopes the EU will help the country's banking sector restructuring. Spain on the 7th successful auction of 2.07 billion euros in bonds beyond the original ? 2 billion target ceiling, the subscription ratio of 2.56, higher than the 2.46 of the April auction. Among them, 10-year bond yields 6.044 percent, higher than 5.743% of the auction in April; biennium yields of 4.335%, also significantly higher than 3.463% in April.
Reported that the assistance funds of the Bank of Spain scale of at least 80 billion euros aid conditions will also be specifically formulated for the country's banking sector. The current international legal professionals being reviewed within the European Union all kinds of treaties, and to seek the same time provide assistance to the Spanish banking sector, to avoid Spain, forced to carry out a comprehensive economic austerity and reform. Prior to receiving assistance, Greece, Ireland and Portugal, the EU will be Spain, the less of fiscal austerity requirements and exemptions in the country do not have to accept the close monitoring of the international donors.
Currently possible rescue by the European Financial Stability tools (efsf,) and the European stability mechanism (esm) to provide relief funds to the relief fund of the Bank of Spain (frob). Bypassing the Spanish Government, by efsf and esm directly to the possibility of recapitalization of the banks in Spain is not, since such operation does not meet the requirements of the European Union and European financial rescue fund, amend the relevant provisions of the time-consuming for too long.
According to German government officials said, the German against the bailout fund to inject capital directly to the Bank of Spain and explore the relief fund through the the frob provide relief to the bank the possibility of the move reflects the fundamental problem of the Spanish economy mainly lies in the banking industry of the country, rather than the Government's public finance.
Spanish Economy Minister Kim Doss said on the 6th, Spain have not yet applied for outside assistance, the country is waiting for the audit report of the imf and the independent auditing firm for the country's banking sector, the two reports will be completed this month, when the Spanish government will decide how restructuring of the banking sector and rescue. The Spanish Government has commissioned four accounting firms KPMG, PricewaterhouseCoopers, Deloitte and Ernst & Young, a systematic, comprehensive joint audit of the banking sector.
In addition, the Spanish government has also hired Oliver Wyman and two Roland Berger consulting company jointly conduct stress tests on the banking system.
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