Spain’s Former Prime Minister: ‘We’re In a Situation of Total Emergency’
May 31st, 2012
Spain is in a state of ‘total emergency’, the country’s former prime minister has warned, with Madrid facing punitive borrowing costs and the prospect of needing a Greek-style bail-out.
Felipe González, the country’s elder statesman, said: “We’re in a situation of total emergency, the worst crisis we have ever lived through.”
Global financial markets lurched yesterday at the spectre of the eurozone’s fourth biggest economy being locked out of international capital markets and being unable to fund itself.
Spanish borrowing costs soared, while the Madrid stock market fell 2.6 per cent, the euro sank to a 22-month low against the dollar and the price of Brent crude dropped 2 per cent.