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Madrid - Treasury Minister Cristobal Montoro on Tuesday said
that at current borrowing costs, financial markets are at present shut to Spain.
The country will test the market on Thursday and issue from
€1bn to €2bn in one long- and two medium-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.
