Rajoy to ask for ECB assistance, according to reports

Date: Wednesday 23 May 2012

Spanish President Mariano Rajoy will ask for assistance from the European Central Bank (ECB), Spanish daily El Mundo reports citing a conversation between Rajoy and Socialist leader Alfredo Perez Rubalcaba yesterday.

Rajoy will be traveling to Brussels today to meet with European leaders after meeting with French President Francois Hollande in Paris. He is expected to ask the ECB to buy Spanish sovereign debt to help calm the urgent liquidity problems.

The monetary authority has not intervened in the secondary debt markets for the last ten weeks as it has resisted calls for a more active role.

The leaders will continue to debate between austerity and growth. Rajoy is expected to side with German Chancellor Angela Merkel's stance that there cannot be growth without austerity first.

MG

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