Rajoy seeking to avoid bailout request this year
Government sources cite recent improvement in the Treasury's financial position
The government of Prime Minister Mariano Rajoy is not ruling out seeking a second bailout to lower its borrowing costs, but believes this will not be necessary this year because of the recent improvement in the Treasury's financial position, government sources said Wednesday.
The Economy Ministry's debt management arm easily issued 48.6 billion euros in short- and long-term debt in September and October in the wake of the European Central Bank's pledge to buy the bonds of euro-zone countries with funding problems if they first seek a bailout from the European Security Mechanism (ESM). That promise alone was enough to spark a narrowing of Spain's risk premium.
Rajoy on Wednesday reiterated he would not forego asking for a bailout if this was "necessary."
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