This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Spain Minister Push EU For Bank Action Plan

"Europe needs to say where it is going so as to ensure security," he said. "It needs to say that the euro is an irreversible project and that it's not in jeopardy."

Earlier Finance Minister Cristobal Montoro told Spain's Onda Cero radio that the high risk premium being demanded for Spain's benchmark 10-year bonds indicates "the door to the markets is not open for Spain."

Spain's borrowing costs have soared as investors become increasingly concerned the government's public finances might be overwhelmed by the cost of rescuing banks that are sitting on massive amounts of soured property investments following the bursting of a real estate bubble that once fueled the economy.

"What the yield is saying is that as a state, in brief, Spain we have a problem when it comes to accessing markets, when it comes to refinancing our debt," said Montoro.

The interest rate on the 10-year bond rate was at 6.31 percent Tuesday and although down substantially from last week it was still perilously close to the levels that pushed Greece, Ireland and Portugal to ask for bailouts over the past two years.

Spain is struggling with an unemployment rate of 24.4 percent, with more than 50 percent of people under 25 out of work.

Despite favoring a plan that would allow its banks to seek external help, Montoro reiterated the government's conviction that Spain did not need a bailout.

"The men in black will not be coming to Spain," he said in reference to international inspectors who make periodic inspection tours of countries that receive bailouts.

Montoro said the amount of money needed to prop up Spain's troubled banking sector is not excessively high.

"The figure is not that high, the figure is not excessive but the question is where the money would come from," said Montoro.

2 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,658.22 -222.14 -1.32%
S&P 500 1,942.96 -27.11 -1.38%
NASDAQ 4,391.6310 -71.2710 -1.60%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs