Spain’s prime minister has insisted his country will not need an international bailout for its banks as investors recoiled at a €19bn rescue of Bankia, sending the country’s borrowing costs over Germany’s to the highest level since the start of the euro.
Bankia, Spain’s second-biggest bank by local deposits, would have collapsed if Madrid had not agreed to the rescue last week, Mariano Rajoy warned, adding that this would have risked bringing down Spain itself.
“We are not going to let any regional government fall, or any bank fall, because they can’t . . . if that happens the country will fall,” Mr Rajoy said at an unscheduled news conference, calling again on Brussels to restore confidence in the currency union.
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