Spain 'de facto' barred from financial markets says minister | Business News

http://www.dropjack.com/Business/spain-de-facto-barred-from-financial-markets-says-minister--business-news--dw-de--06-06-2012/

Spain has admitted it faces problems refinancing itself in financial markets due to the high interest rates it is being required to pay. But an EU bailout isn't an alternative, it insists. 
International financial markets were "de facto closed" to Spain, Budget Minister Cristobal Montoro told the radio station "Onda Cero" Tuesday, as exorbitant risk premiums for Spanish government bonds were a "serious problem" for refinancing the country's debt. 
On Friday, the risk premium for Spanish 10-year debt compared to the German equivalent hit a record eurozone high of 548 basis points. 
Investors are concerned that Spain will need a bailout from the eurozone rescue fund to support its struggling banking system and its heavily indebted autonomous regions. 
In obvious reference to EU bureaucrats behind any rescue plan, Montoro was asked whether the "men in black" would now come to Spain to take over the country. 
Montoro said that Spain "doesn't need" EU financial supervisors, as the government was itself able to "balance the budget, to return to stability through constitutional reform, to clean up the banking sector, and to improve labor relations."