May 18, 2020 / 2:14 PM / 20 days ago

Bank of Spain governor says it is up to Spanish government to seek help from ESM

FILE PHOTO: A woman walks past a Bank of Spain branch, during the coronavirus disease (COVID-19) outbreak, in the Andalusian capital of Seville, Spain, April 10, 2020. REUTERS/Marcelo del Pozo

MADRID (Reuters) - The Bank of Spain governor on Monday said it was up to the Spanish government to decide whether it considered “appropriate” to seek funding from the European Stability Mechanism (ESM).

“It is not much (money), but in any case it is a line that very likely will be granted at lower rates than those of the market,” Pablo Hernandez de Cos, who also sits on the European Central Bank’s governing council, said on Monday.

“I’d rather not over dramatize but I would leave it out of the political debate,” he added.

Sources told Reuters last week that Spain was planing to avoid using cheap European Union bailout funds in all but a worst-case scenario in its fight against the coronavirus pandemic.

Reporting By Jesús Aguado and Emma Pinedo; editing by Inti Landauro

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