Business

De Guindos says Spain’s creditors don’t risk losses

by fm

12th July 2012

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1 min read

Spanish Economy Minister Luis de Guindos told a German newspaper in an interview to be published on Friday that his country would take full liability for the European loans to its banking system and added that there was no risk of losses for creditors.

De Guindos told the Frankfurter Allgemeine Zeitung that his country needed a maximum of 62 billion euros for its troubled banks but had asked for 100 billion to provide an additional "security cushion".

"We take liability for repayment. I am convinced there will not be the slightest loss for creditors," he was quoted as saying in a brief preview of the interview released on Thursday.

The minister said his country would change its growth model to focus on exports instead of construction and could provide a positive surprise in the next three years.