Spain’s Margallo Urges ECB to Buy Country’s Bonds, FAZ Reports

Spanish Foreign Minister Jose Manuel Garcia Margallo urged the European Central Bank to buy his country’s bonds as yields widen, the Frankfurter Allgemeine Zeitung reported, citing comments made at a meeting of European Union foreign ministers yesterday in Palma de Mallorca.

The ECB is “in hiding,” Garcia Margallo is cited as saying to reporters, according to FAZ. The bank’s “doing nothing to douse the fire” of Spain’s sovereign debt. Financial markets are rewarding Spain’s efforts to consolidate debt “by boxing its ears,” he said. The euro-area must “act decisively” in Spain’s interest, he added.

To contact the reporter on this story: Brian Parkin in Berlin at bparkin@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net

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