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  • 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.

  • IMF Says Spain’s Core Financial System s Resilient, But Important Vulnerabilities Remain

    Date 09/06/2012

    The core of Spain’s financial sector is well managed and appears resilient to further shocks, but important vulnerabilities remain in the system, the International Monetary Fund (IMF) said in its Financial Sector Assessment Program (FSAP) review of Spain, published today.

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