Spain says error led to claim about move
By Ciaran Giles |
April 15, 2011, Friday
|
Print Edition
Print Edition
THE Spanish government said yesterday a communication error led it to claim China's sovereign wealth fund was studying a plan to inject 9.3 billion euros (US$13.5 billion) into Spain's ailing savings bank sector.
A spokesman said that China was committed to buying Spanish debt and investing in the restructuring of the banks but that it was too early to talk of concrete amounts or which funds would be involved.
The official spoke on condition of anonymity in keeping with government policy.
Spain on Wednesday said China Investment Corporation had discussed the plan with Spanish Prime Minister Jose Luis Rodriguez Zapatero in Beijing.
The CIC yesterday confirmed it was interested in investing further in Spain, saying it had already made a certain amount of portfolio investment in the country and was now making contacts with the Spanish side.
"The corporation will explore all kinds of investment opportunities including the restructuring of the Spanish deposit bank," said a manager at CIC's foreign affairs department who gave only her surname, Li.
She said bank's "President Xie Ping talked about the Chinese investment in Spanish banks, but did not mention the investment figures."
A spokesman said that China was committed to buying Spanish debt and investing in the restructuring of the banks but that it was too early to talk of concrete amounts or which funds would be involved.
The official spoke on condition of anonymity in keeping with government policy.
Spain on Wednesday said China Investment Corporation had discussed the plan with Spanish Prime Minister Jose Luis Rodriguez Zapatero in Beijing.
The CIC yesterday confirmed it was interested in investing further in Spain, saying it had already made a certain amount of portfolio investment in the country and was now making contacts with the Spanish side.
"The corporation will explore all kinds of investment opportunities including the restructuring of the Spanish deposit bank," said a manager at CIC's foreign affairs department who gave only her surname, Li.
She said bank's "President Xie Ping talked about the Chinese investment in Spanish banks, but did not mention the investment figures."
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