Spain calls for €40bn of financial aid

High st banks vs currency brokers

The full extent of Spain’s debt-ridden economy is beginning to surface as the nation’s leaders recently made a direct appeal to European Institutions.

Like a number of cash-strapped members of the Eurozone, Spain is turning to the EU community for financial aid. The Spanish economy is crumbling and the country needs around €40bn to pay off its debts.

Proving that the Euro crisis debts run much deeper than previously expected, Spain is the latest victim of the global downturn.

Spain is the fourth biggest economy in Europe, representing 12% of the Eurozone’s output. This is double that of Ireland, Portugal and Greece combined, which puts a serious dent in the Eurozone’s plans for economic recovery.

The move comes at a time when leading bank ratings agency Moody’s has downgraded seven German banks. The rating of Germany’s second largest bank, Commerzbank AG, will be downgraded from A2 to A3.

Germany is thought to have one of the strongest economies in the Eurozone at the moment, however this indicates a long-term negative outlook for the country.

Earlier this week, Spanish Prime Minister Mariano Rajoy said that the country was in a situation of “extreme difficulty.”

Whilst Spain has not asked for a full international bailout, Germany is keen to help out the debt-ridden country.

Speaking to Reuters, Michael Kemmer, Managing Director of the banking body that represents commercial lenders like Deutsche Bank and Commerzbank, said: "Spain should take the path laid out for it and not hesitate any further in asking for help from the EU rescue fund."

Those who need to transfer money to Spain might want to review their options and find the best way to send money abroad.

Transferring money to Spain

If you are looking to invest in Spain think carefully about how you will be send money there. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are sending money to Spain – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

Company Details

Spain calls for €40bn of financial aid

Get a quick quote

Open Account with GCEN

GCEN are located at:
GCEN The Old Barn, Oasts Business Village, Red Hill, Wateringbury, Maidstone, Kent, ME18 5NN, United Kingdom

Get a Quick Quote

Newsletter Signup to CMT

Sign up to our foreign exchange newsletter to receive news updates directly by email

Compare Money Transfer will not Share your details!

Bank Exchange Rates Comparison

High St Bank Exchange Rate

All Rights Reserved: Copyright 2006 - 2018 Compare Money Transfer Limited offering FCA Regulated Suppliers - 34 New House, 67-68 Hatton Garden, London, EC1N 8JY. +44 (0) 843 357 4882