Reuters: US Dollar Report: Spain says summit will debate direct bank recapitalisation

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Spain says summit will debate direct bank recapitalisation Jun 27th 2012, 08:58 MADRID, June 27 | Wed Jun 27, 2012 4:58am EDT MADRID, June 27 (Reuters) - Direct recapitalisation of Spain's troubled lenders using European Union aid funds will be discussed at the summit of EU leaders in the next two days, Economy Minister Luis de Guindos said on Wednesday. De Guindos said he held a conference call with his French, German and Italian counterparts earlier this morning and would take part in another at 1100 GMT, after the "top 4" euro zone ministers met in Paris on Tuesday evening. The leaders' summit will also discuss greater banking union across the monetary union, along the lines laid out in a report by European Council President Herman Van Rompuy, de Guindos said. "I believe the Eurogroup will make some important contributions in this respect and, as Prime Minister (Rajoy) said earlier, I think the possibility of direct capital injections to the banks will be there (in the discussion)," he told Parliament. Spain has asked for aid of up to 100 billion euros ($124.71 billion) to recapitalise its recession-hit banks, though current rules dictate European aid money must first go to the state, adding to already high public debt levels. Link this Share this Digg this Email Reprints

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