Spanish officials said on Monday that its plan to raise money for the Bankia rescue was still based on borrowing in the bond markets, to which Spain still had access. Madrid had not contacted the ECB about the Bankia situation, Mr Rajoy said.
European officials are torn over the merits of the Spanish proposal, which would set an important crisis-fighting precedent in the eurozone that would underline the acute concerns over the fallout from a big bailout for the euro area’s fourth-biggest economy.'
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