The message was not exactly new but Prime Minister Mariano Rajoy delivered it in the clearest way so far in public without naming names: Spain feels it has done its homework and believes the European Central Bank should do more to relieve the market’s stranglehold on Spanish government debt.
“The most urgent thing at the moment is to guarantee financial stability, that when a country has debt maturing it can refinance it,” Rajoy told a news conference in Chicago where he had been attending a NATO summit.
“This can be done rapidly in 24 hours, without great debates, nor laws that take two years,” Rajoy continued. “We can have debates but the most important thing is to take a decision. What is urgent is financial stability.”
Spain’s risk premium was steady at 484 basis points on Monday, but not so far off record euro-era highs of over 500 points reached last week.
Rajoy said he spoke to President Barack Obama on the Spanish economy and the euro but not about the banking situation.