AFP – Spain's fourth largest economy in the euro area, has resigned Saturday to call for EU support for its banks, which could reach one hundred billion euros, a scenario long departed from Madrid, but now face the inevitable worsening of the debt crisis.
This support plan will be the fourth for a country of the euro area since the crisis began in late 2009, after Greece, Ireland and Portugal.
It will be this time to bail out the banking sector in Spain, asphyxiated by its exposure to real estate, for an amount estimated by the Eurogroup to one hundred billion at most.
Spain will seek "a European financial aid" to restore its banking sector, announced in Madrid the Minister of Economy Luis de Guindos, after a telephone conference Finance Ministers of 17 countries in the euro area.
He said that in exchange, there will be no conditions of economic reforms "outside the scope of the financial sector".
"The conditions will be imposed on banks, not Spanish society," added the minister, trying to reassure the country, the record unemployment rate of 24.44% and already ; subjected to a harsh austerity measures to reduce its public deficit to 8.9% in 2011 to 5.3% this year.
"This has nothing to do with a rescue," insisted Mr. of Guindos, adding that the assistance will be restricted to "30% (banks) that have the most difficulty," and identified as such in the report of the International Monetary Fund (IMF) on Friday evening.
"This announcement is good for the Spanish economy and the future of the euro area", "this is a very positive signal about the political will of the whole euro area," said de clared the Minister, who has strongly denied having undergone any pressure from its European partners.
Mr. of Guindos explained that such aid is considered a "debt" Spanish, which will therefore increase, and "absolutely must be repaid."
It will be injected into the Spanish public funds to assist the sector (Frob), which will award the money to the "banks that request," he said.
The IMF will participate in the plan help, but will have a supervisory role, according to two sources familiar with the matter.
Hours earlier, the finance ministers of the euro area had a video conference to draw the outlines of this plan.
"It will in fact one of the largest bailouts in recent history," stressed the Prime Minister of Sweden Fredrik Reinfeldt, whose country is not part of the monetary Union silent.
Fourth largest economy in the euro area, Spain is in fact 12% of GDP in the euro area, against only 6% for Ireland, Portugal and Greece combined. The rescue of the three countries respectively have cost 85 billion, 78 billion and 292 billion euros.
So far, Madrid had refused to issue a call for help for fear of being imposed, such as Greece, a program that would be associated with strict conditions dictated by its international donors.
But the Spanish government had to bend under pressure and extreme markets of Europe, probably anxious to resolve the issue before the elections in Greece June 17, fear of contagion.
Just this week, the government remained adamant: "I'll wait for the IMF and independent experts may give their opinion on the recapitalization needs of the Spanish financial system and ; from there, I will give my number and tell the government what needs to recapitalize the system ", said Thursday the head of government couservateur, Mariano Rajoy.
The IMF report has estimated the industry needs at least 40 billion euros, the euro area but it was prepared to "respond positively to a request for assistance" of the Spain in favor of its banking sector and to lend up to 100 billion euros.
"It's a sum up," said Luis de Guindos, and, "very clearly, there is a margin of safety" in this figure.
To make a specific request, Madrid expected, in addition to the IMF report, the results of the audit conducted by the German firm Roland Berger and American Oliver Wyman. They will be known "in a few days," said the minister.
The German finance minister, Wolfgang Schäuble, for its part, quickly welcomed the agreement reached with Spain, he considers the "track".
"I greet, as with other colleagues of the Eurogroup, the Spanish government's determination to proceed with the recapitalization (banks) and through this program to use to fund European aid (EFSF) or of the bailout (MES) with the corresponding conditions, "he said.