OECD Secretary General Sees Spain Going It Alone

Angel Gurria, the secretary general of the Organization for Economic Cooperation and Development, told CNBC that Spain’s reluctance to request a bailout is understandable and the country may try to fight its deficits and economic and bank trouble on its own. This is a minority view. International capital markets investors, financial ministers of most of the nations in the region and the European Central Bank all expect Spain’s needs for outside money to be unavoidable. Gurria told CNBC:

If you are the leader of a country that has done everything that had to be done, and then the ECB (European Central Bank), works on the secondary markets for you and lowers those yields and (yet) you are told that you have to go and ask for a (bailout) and you say ok, but then you’re given very strong signals that if you go, you will be told, “No” how can you reconcile those two things.

Broken English, but he got his point across.

Douglas A. McIntyre

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