Spain has made its most explicit call to date for European institutions to recapitalise the country’s banks amid concerns about its own ability to raise the billions of euros needed on sovereign bond markets.
Cristóbal Montoro, budget minister in the centre-right government, sent jitters through financial markets yesterday when he admitted the high perceived risk of its sovereign debt meant Madrid “does not have the door to the markets open”.
The comment startled analysts given that the Spanish treasury plans to auction up to €2bn of bonds tomorrow.
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