Latest News:  
Beijing   Sunny    23 / 10 ℃  City Forecast

People's Daily Online>>World

Spanish PM rules out need for bailout


10:27, April 12, 2012

MADRID, April 11 (Xinhua) -- Spanish Prime Minister Mariano Rajoy on Wednesday said Spain would not have any trouble paying off its debts.

After recent budget cuts worth millions of euros, Spain saw the biggest fall in its stock market this year (2.96 percent) on Tuesday. The country's risk premium rose to a high of 435 points before ending the day on 434 points.

Meanwhile, the interest rate on Spain's 10-year treasury bonds rose to almost 6 percent. Although markets calmed down on Wednesday, Rajoy sought to reassure investors.

"There are countries which are not going to be able to return the money, but this is not the case for Spain and it will not be the case for Spain in the future," he said at a meeting of parliamentary deputies of his right-wing Popular Party.

Rajoy requested fellow European leaders such as French President Nicolas Sarkozy and Italian Prime Minister Mario Monti to show care and "prudence" when speaking about Spain.

Earlier in the day, Rajoy announced a new measure aimed at reducing fraud in Spain and increasing state revenue. Cash can only be used for financial operations involving a company or a professional if they have a value of less than 2,500 euros.

That means, for example, if an individual employs a self-employed builder to carry out work on their house, payments will have to be made either by cheque or bank transfer.

Similar legislation has been introduced in France and Italy to limit the cash economy and ensure the state receives relevant taxes.


Leave your comment0 comments

  1. Name


Selections for you

  1. Memorial rites honoring Genghis Khan held in China's Inner Mongolia

  2. Jews swarm Dead Sea during Passover holiday

  3. Beautiful rape flowers in Shaanxi' Mian county

  4. Female police officers on Tibetan Plateau

Most Popular


  1. China's state-owned firms not 'non-market' entity
  2. China should be patient during peaceful rise
  3. Respond calmly to 'China threat theory'
  4. Why are Chinese goods more cheap abroad?
  5. Hold mainstream of China-ASEAN relations
  6. Asia-Pacific countries should promote free trade
  7. Anelka cannot save Chinese football
  8. Quick stop to good progress in N.Korea
  9. EU urged to do Chinese companies justice
  10. A hard-earned, favorable turn for Syria issue

What's happening in China

Fake monks bring bad karma

  1. Migrant youths outnumber locals
  2. Probe finds pesticides in tea products
  3. Target met in going green with rubbish
  4. Colorectal is focus as cancer rises in city
  5. CNR reports 55 pct rise in profits

PD Online Data

  1. Spring Festival
  2. Chinese ethnic odyssey
  3. Yangge in Shaanxi
  4. Gaoqiao in Northern China
  5. The drum dance in Ansai