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Spain bailout rumour played down Spain bailout talks 'not ruled out' for weekend
(about 1 hour later)
Reports that Spain will ask for help for its banks this weekend have been played down by authorities across the eurozone. Emergency talks this weekend to discuss a bailout for Spain cannot be ruled out, the Dutch finance minister said.
There were also reports that the Eurogroup of finance ministers would meet on Saturday to discuss the issue. Jan Kees de Jager described the situation in Spain as "urgent".
Spokespeople for the Spanish government and European authorities said they had no knowledge of such plans. Reports that Spain will ask for help for its banks as early as Saturday have been officially played down by EU authorities.
Spain has said all week that no action would be taken until it knows how much money its banks need. Spain has said all week that no action would be taken until audits of its banks are complete in a few weeks' time.
Deputy Prime Minister Soraya Saenz de Santamaria told a news conference: "Once the estimates of the numbers are known with regard to what the financial sector might need, the government will state its position."
But the Reuters news agency said the request would come on Saturday, quoting a senior German official as saying: "The government of Spain has realised the seriousness of their problem."But the Reuters news agency said the request would come on Saturday, quoting a senior German official as saying: "The government of Spain has realised the seriousness of their problem."
A number of audits into the extent of bad loans is being carried out to determine how much needs to be found to shore up the stricken banks. It is being reported that the Eurogroup of finance ministers would then discuss the issue on a conference call.
The first report is due on Monday from the International Monetary Fund, with the findings of two further audits expected to be published later in the month.
At the government's weekly press conference, the Spanish deputy prime minister was asked repeatedly whether Spain was preparing to request financial assistance from Europe for the country's banks.At the government's weekly press conference, the Spanish deputy prime minister was asked repeatedly whether Spain was preparing to request financial assistance from Europe for the country's banks.
Soraya Saenz de Santamaria said the government would respect "the proper procedures" and was waiting for the IMF and independent auditors to report on how much money was needed to shore up Spanish banks.Soraya Saenz de Santamaria said the government would respect "the proper procedures" and was waiting for the IMF and independent auditors to report on how much money was needed to shore up Spanish banks.
She did not make any comment on whether Spain would ask for financial assistance this weekend.She did not make any comment on whether Spain would ask for financial assistance this weekend.
When asked whether a conference call was planned with eurozone finance ministers on Saturday, the deputy prime minister said several times that nothing was planned "at this moment".When asked whether a conference call was planned with eurozone finance ministers on Saturday, the deputy prime minister said several times that nothing was planned "at this moment".
A spokeswoman for the Spanish government told the BBC there was no mention of a Saturday conference call of eurozone finance leaders, or of an imminent announcement on a bailout for Spanish banks, at a weekly meeting of the government this morning. Spokespeople for the Spanish government and European authorities have said they have no knowledge of such plans.
When pressed on whether negotiations were taking place about a possible international rescue for Spanish banks, the spokeswoman said that the Spanish Prime Minister, Mariano Rajoy, was talking to "partners all the time these days, not just about Spain, but about a road map for the whole eurozone". A spokeswoman for the Spanish government told the BBC that the Spanish Prime Minister, Mariano Rajoy, was talking to "partners all the time these days, not just about Spain, but about a road map for the whole eurozone".
Stricken banks
Spain is trying to avoid the humiliation and strict economic conditions that would come with a full international bailout, like the ones given to Greece, Ireland and Portugal.
Efforts are being made to find a way of helping its banks directly, rather than funds going through the central government.
A number of audits into the extent of bad loans is being carried out to determine how much Spain needs to find to shore up its stricken banks.
Crisis jargon buster Use the dropdown for easy-to-understand explanations of key financial terms:
AAA-rating The best credit rating that can be given to a borrower's debts, indicating that the risk of borrowing defaulting is minuscule. Glossary in full
The first report is due on Monday from the International Monetary Fund, with the findings of two further audits expected to be published by the end of the month.
German Chancellor Angela Merkel repeated her country's position that it was up to Spain to make an application for assistance.German Chancellor Angela Merkel repeated her country's position that it was up to Spain to make an application for assistance.
"We have everything we need for a stable eurozone and it is up to the individual countries to come to us. That has not happened," she said."We have everything we need for a stable eurozone and it is up to the individual countries to come to us. That has not happened," she said.
A European Commission spokesman said he could not confirm reports of a request for aid, but said they were ready to help.A European Commission spokesman said he could not confirm reports of a request for aid, but said they were ready to help.
"Should there be such a request the appropriate instruments are in place ready for use," Amadeu Altafaj added."Should there be such a request the appropriate instruments are in place ready for use," Amadeu Altafaj added.