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  • IMF Managing Director Welcomes Eurogroup Commitment To Financially Assist Spain In Its Efforts To Strengthen Its Banking Sector

    Date 09/06/2012

    Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the statement below today, following the announcement by the Eurogroup of its willingness to financially support Spain in its efforts to further strengthen the country’s banking sector:

    “I strongly welcome the statement by the Eurogroup, which complements the measures taken by the Spanish authorities in recent weeks to strengthen the banking system. Providing a credible back stop to recapitalize weaker segments of the banking system has been a key recommendation of the IMF's recent Financial Sector Assessment Program (FSAP) conducted in Spain. The willingness of Spain’s Euro Area partners to financially support the Fund for Orderly Bank Restructuring (FROB) with up to EUR 100 billion is a crucial step for the success of the Spanish authorities’ strategy. This scale of proposed financing, which is consistent with the capital needs identified in the FSAP, gives assurance that the financing needs of Spain's banking system will be fully met."

  • Statement By The President Of The European Commission Jose Manuel Barroso And Vice-President Oli Rehn On Spain

    Date 09/06/2012

    We welcome today’s communication by Spain of its intention to request the support of the euro area for the restructuring of its financial sector, and the Eurogroup’s positive response to this. The Commission is ready to proceed swiftly with the necessary assessment on the ground, in close liaison with the ECB, EBA and the IMF, and to propose appropriate conditionality for the financial sector. With this thorough restructuring of the banking sector, together with the on-going determined implementation of structural reforms and fiscal consolidation, we are certain that Spain can gradually regain the confidence of investors and market participants and create the conditions for a return to sustainable growth and job creation.

  • Statement By U.S. Treasury Secretary Tim Geithner On Spain

    Date 09/06/2012

    We welcome Spain's action to recapitalize its banking system and the commitment by its European partners to provide support. These are important for the health of Spain's economy and as concrete steps on the path to financial union, which is vital to the resilience of the euro area.

  • Eurogroup Statement On Spain

    Date 09/06/2012

    The Eurogroup supports the efforts of the Spanish authorities to resolutely address the restructuring of its financial sector and it welcomes their intention to seek financial assistance from euro area Member States to this effect.

  • IMF Managing Director Christine Lagarde Calls For Strengthening Financial System With Better Crisis Management Tools And Further Reforms

    Date 09/06/2012

    Managing Director Christine Lagarde of the International Monetary Fund (IMF) today called for further action to reform the global financial system, by strengthening crisis management tools and the overall architecture of the system. She said that five years into the crisis, while important steps have been taken, the goal of a safer financial system is not yet secured.

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