Report: Spain needs additional €28bn of credit
Reports this morning state that Spain is seeking for a partial bailout from its European partners to meet its immediate financing needs.
That is in addition to the €100bn bank rescue deal which was signed off on last Friday.
The Economista Daily claims that the government wants a line of credit to cover €28bn in debt which matures in October.
Spain's borrowing costs have soared above 7% in recent days, making attempts to raise the money on the financial markets too expensive.
The Economista claims that the authorities are seeking to avoid an imminent financial collapse and a full bailout would be too costly.
