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Home News French PM says ‘right decision’ to help Spain, more needed

French PM says ‘right decision’ to help Spain, more needed

Published on 10/06/2012

French Prime Minister Jean-Marc Ayrault on Sunday hailed a eurozone lifeline thrown to debt-stricken Spain as the right decision but warned that more was needed to kickstart growth.

“The decision to help Spain is the right one but more is needed to restart growth, to carry through a project that gives confidence to Europeans once more,” Ayrault said as he voted in parliamentary elections in Nantes.

“France’s voice will weigh on that task,” said Ayrault, whose Socialist Party is hoping to win a parliamentary majority that will allow it to push through President Francois Hollande’s anti-austerity, tax-and-spend programme.

The 17 eurozone finance ministers said on Saturday that they were willing to help Spain with a lifeline of up to 100 billion euros ($125 billion) to save its stricken banks.

The rescue loan for Spain — hailed by Germany, France, Japan and the United States as well as the IMF — marked a dramatic, public U-turn for Spain, which had hotly denied any need for outside aid.