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May 21st, 2012 
FAKE NEWS for the Zionist agenda Luis de Guindos made the remarks on Monday after news that Spain’s 2011 budget deficit was higher than expected.
Spanish Prime Minister Mariano Rajoy has also rejected calls for Spanish banks to be rescued by Europe.
On Friday, French President Francois Hollande warned that Spanish banks might need recapitalization funds from Europe amid investors concerns by the Moody’s downgrade of 16 Spanish banks.
Investors are concerned over the state of the Spanish banking sector as well as its debt-ridden economy, which is in recession with a 24 percent or so unemployment rate.
Guindos said that the nationalized lender Bankia will require an injection of around 7 billion to 7.5 billion euros to meet new provisioning requirements, but rejected the need for European rescue funds.
The minister said Spain’s economy would likely slump by another 0.3 percent between April and June.
Rajoy, in power since December, has implemented more than 30 billion euros of austerity cuts as well as tax increases to reduce the country’s deficit and to avoid seeking a financial bailout like Greece, Ireland and Portugal.
Rajoy has implemented more than 30 billion euros of austerity cuts as well as tax increases to reduce the country’s deficit and to avoid seeking a financial bailout like Greece, Ireland and Portugal.
PG/JR
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