Spain is in no rush to secure EU rescue plan

City A.M. Reporter
SPAIN has time to wait for clarity on what a full European rescue would involve as it has already covered the majority of its debt needs for the year, economy minister Luis de Guindos said in a newspaper interview published yesterday.

“We will find out the details and then we will draw up a precise calendar,” de Guindos said when asked by ABC newspaper if Spain would ask for aid in September. “We’ve got time ... the Treasury is financing itself relatively well in the market, given the circumstances.”

Prime Minister Mariano Rajoy signalled for the first time on Friday that he may yet seek a full-blown aid package. The Spanish government said it had submitted its budget plan for the next two years to the European Commission, pledging to save €102bn. (£80.7bn).