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Rajoy Says Spain Reform to Continue as EU Aid Avoids Bailout

Spain's Prime Minister Mariano Rajoy
Spanish Prime Minister Mariano Rajoy speaks during a news conference in Madrid on Sunday. Photographer: Angel Navarrete/Bloomberg

Spanish Prime Minister Mariano Rajoy said the “credibility of the euro won” in yesterday’s request by his government for as much as 100 billion euros ($125 billion) in European Union aid to restructure the nation’s banks.

“Yesterday, the credibility of the euro won, yesterday the future won,” Rajoy said today at a press conference in Madrid. “Yesterday, the European Union won,” he said.

Without planned reforms and deficit reduction what happened “last night would have been an intervention” instead of “the opening of a credit line,” Rajoy said. The government will continue with its economic and financial reform program, he said.

Rajoy said the bank aid will allow the nation to avoid a full bailout.

The government asked euro-area finance ministers to provide aid beyond the the amount the International Monetary Fund estimated Spain’s banking sector required for restructuring in order to supply an additional buffer, Rajoy said.

“This gives us a cushion, it gives us security, and logically the message it sends to the market is much clearer and more forceful,” Rajoy said.

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