Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

ECB Clarifies Constancio Remarks About EU, IMF Role in Spain

Don't Miss Out —
Follow us on:

April 27 (Bloomberg) -- The European Central Bank issued a clarification of comments made by Vice President Vitor Constancio that suggested Spain was working with the European Union and the International Monetary Fund on an aid program.

“There’s been an agreement between the troika and Spain, and the program is being applied, structural reforms were introduced, so in our view our scenario is being pursued, and we have no reason so far to change that view,” Constancio told reporters in Brussels today.

His comments referred to reports on the Spanish economy published by the IMF and the EU, an ECB spokeswoman said in an e-mailed statement.

Teams from the so-called troika of IMF, ECB and the European Commission, the EU’s executive arm, have been deployed to negotiate and monitor bailout programs in Greece, Ireland and Portugal. Officially, there is no troika team operating in Spain.

Officials at the Spanish Economy Ministry, the commission and the IMF didn’t immediately respond to e-mailed requests for comment.

Constancio’s remarks came as Spain struggles to bat away investors’ concerns that it will eventually have to seek an international bailout to fix its troubled banks. Standard & Poor’s yesterday cut its rating on Spain by two levels to BBB+, citing concern that the country will need to pour more money into its lenders.

It’s the second time in less than a year that Constancio has had to clarify comments made to reporters. In June 2011, he issued a statement rephrasing earlier comments about the ECB’s stance on a Greek debt restructuring.

To contact the reporters on this story: John Fraher in London at jfraher@bloomberg.net; Jana Randow in Frankfurt at jrandow@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.