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Market door closed to Spain -Treasury minister
June 5, 2012 / 7:32 AM / 5 years ago

Market door closed to Spain -Treasury minister

(Repeats without changes to additional subscribers)

MADRID, June 5 (Reuters) - Treasury Minister Cristobal Montoro on Tuesday said that at current borrowing costs financial markets were currently shut to Spain.

The country will test the market on Thursday and issue from 1 billion euros ($1.24 billion) to 2 billion euros in two medium-term and one long-term bonds at auction.

“The risk premium says Spain doesn’t have the market door open,” Montoro said on Onda Cero radio.

“The risk premium says that as a state we have a problem in accessing markets, when we need to refinance our debt.”

Montoro also said he did not expect the financial needs to recapitalise Spanish banks to be a big sum and said the recapitalisation should be done through European mechanisms.

He added that neither Germany nor France had pushed Spain to seek an international bailout. (Reporting by Julien Toyer; Editing by Fiona Ortiz)

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