Spanish bailout ‘impossible’ for eurozone, says prime minister Mariano Rajoy


By Louise Armitstead – “To talk about a bail-out for Spain at the moment makes no sense,” Mr Rajoy told reporters. “Spain is not going to be rescued; it’s not possible to rescue Spain, there’s no intention to, it’s not necessary and therefore it’s not going to be rescued.”

Italy managed to raise €4.88bn (£4.03bn) at a bond auction but only by paying a markedly higher price. The bulk of the bonds – €2.88bn – were sold at a yield of 3.89pc, up from 2.76pc at an auction on March 14.

Meanwhile, the Greek unemployment rate rose to 21.8pc, according to fresh figures from the national statistics office. During 2011, the average annual jobless rate soared to 17.7pc from 12.5pc the year before, revealing the toll of the crisis and resulting austerity measures that have seen one-in-10 jobs destroyed. more> http://tinyurl.com/bwqcpmq

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