China Invests In Spain's Savings Banks And Public Debt
Source: Bloomberg News |
April 13, 2011, Wednesday
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Print Edition
Print Edition
CHINA will invest in Spain's savings banks and continue buying public debt, a Spanish government official cited Chinese Premier Wen Jiabao as telling Prime Minister Jose Luis Rodriguez Zapatero yesterday.
China also pledged to invest in Spanish privatizations and increase imports from the country during Zapatero's visit to Beijing, said the official, who declined to be named citing government policy. China holds 25 billion euros (US$36 billion) of Spanish debt, he said, which compares with the central government's total debt of 523 billion euros, according to data from the Treasury.
Spain is trying to convince investors it can slash the euro region's third-largest budget deficit while shoring up savings banks hit by the collapse of a debt-fueled property boom. The government tightened capital rules for lenders in February and gave them until September to meet the new rules, prompting a series of savings banks, known as cajas, to seek new investors.
China also pledged to invest in Spanish privatizations and increase imports from the country during Zapatero's visit to Beijing, said the official, who declined to be named citing government policy. China holds 25 billion euros (US$36 billion) of Spanish debt, he said, which compares with the central government's total debt of 523 billion euros, according to data from the Treasury.
Spain is trying to convince investors it can slash the euro region's third-largest budget deficit while shoring up savings banks hit by the collapse of a debt-fueled property boom. The government tightened capital rules for lenders in February and gave them until September to meet the new rules, prompting a series of savings banks, known as cajas, to seek new investors.
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