China keen to invest in Spain's banks
Source: Bloomberg News |
April 22, 2011, Friday
|
Print Edition
Print Edition
CHINA is in discussions to invest in the restructuring of Spain's savings banks, Foreign Ministry spokesman Hong Lei said, after a four-day visit by Spanish Prime Minister Jose Luis Rodriguez Zapatero to Asia.
"Premier Wen Jiabao told the Spanish prime minister, who was attending the 2011 Boao Forum, that China will continue to buy Spanish national debt and will participate in the restructuring of Spain's saving banks," he said in Beijing yesterday.
Spain is overhauling savings banks suffering from the collapse of a decade-long property boom, encouraging them to merge and forcing them to bolster capital levels as part of its efforts to restore investor confidence in the economy and financial system. Spanish savings banks need to raise up to 14 billion euros (US$20 billion) to reach new capital requirements by September and lenders that can't find private capital face at least partial nationalization.
China already holds 25 billion euros of Spanish sovereign debt, up from 6 billion euros in 2009, Zapatero said on April 15.
"Premier Wen Jiabao told the Spanish prime minister, who was attending the 2011 Boao Forum, that China will continue to buy Spanish national debt and will participate in the restructuring of Spain's saving banks," he said in Beijing yesterday.
Spain is overhauling savings banks suffering from the collapse of a decade-long property boom, encouraging them to merge and forcing them to bolster capital levels as part of its efforts to restore investor confidence in the economy and financial system. Spanish savings banks need to raise up to 14 billion euros (US$20 billion) to reach new capital requirements by September and lenders that can't find private capital face at least partial nationalization.
China already holds 25 billion euros of Spanish sovereign debt, up from 6 billion euros in 2009, Zapatero said on April 15.
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