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Spain Minister Urges Aid for Banks

Montoro says European institutions should help shore up Spains banks.

By Emma Ross-Thomas and Charles Penty, Bloomberg | Updated on June 05, 2012

Spain called for outside support for the first time to battle the financial crisis as Budget Minister Cristobal Montoro said European institutions should help shore up the nation’s lenders.

Spanish banks don’t need “excessive” amounts to recapitalize, and the question is “where that figure comes from,” Montoro said in an interview with Spanish broadcaster Onda Cero today, as he ruled out a full rescue for the euro region’s fourth-biggest economy.

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