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Spain`s 10-year bond yield retreats just below 7% after Montoro says Spain does not need rescue
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20/06/2012 12:24:40 PM
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Publish Date20/06/2012 12:24:40 PM
Last Update20/06/2012 12:28:34 PM
Spain`s 10-year bond yield retreated just below 7% on Wednesday, following its rise to a record high of 7.2% on Monday, after Spanish Minister Cristobal Montoro said his country does not need rescue to salvage its ailing banks.
Montoro continued Spain`s denial to its need of a 100 billion-euro aid package, revealing that "Spain has not been rescued because it does need to be rescued. Spain has the support of its European partners and European institutions."
According to a European Union diplomat, Spain will officially ask for an international aid tomorrow at a eurogroup finance ministers` meeting in Luxembourg.
However, others claim that the request will rely on stress tests results adopted by a two separate audits on Spain`s stricken banks that are expected to be finalized tomorrow.
Also, tomorrow eyes will track the selling of 2014, 2015 and 2017 bills by the Spanish Treasury, especially after the rise in the yields on short-term bonds to a record high at a bond selling on Tuesday.
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