Joint statement by Barroso and Rehn welcoming Spain's intention to request euro area support for restructuring its financial sector

09 June 2012

The joint statement said that the Commission is ready to proceed in close liaison with the ECB, EBA and the IMF, and to propose appropriate conditionality for the financial sector.

"We welcome today’s communication by Spain of its intention to request the support of the euro area for the restructuring of its financial sector, and the Eurogroup’s positive response to this. The Commission is ready to proceed swiftly with the necessary assessment on the ground, in close liaison with the ECB, EBA and the IMF, and to propose appropriate conditionality for the financial sector.

With this thorough restructuring of the banking sector, together with the ongoing determined implementation of structural reforms and fiscal consolidation, we are certain that Spain can gradually regain the confidence of investors and market participants and create the conditions for a return to sustainable growth and job creation."

Press release

© European Commission