Rajoy raises the alarm, current borrowing rates too much for Spain

Rajoy raises the alarm, current borrowing rates too much for Spain

Spain's prime minister says his country urgently needs financing and liquidity and can't continue much longer with its current high borrowing rates.

Mariano Rajoy, speaking in Paris, suggested the European Central Bank resume some of its emergency measures, such as buying the bonds of weak countries, which has the impact of lowering countries' borrowing rates.

At his side, France's new President Francois Hollande said he will push at his first EU summit later Wednesday for eurobonds. Such bonds issued jointly would also aim at bringing down borrowing rates, but Germany is opposed.

Rajoy said he doesn't think the 27 EU leaders meeting in Brussels will resolve the eurobond dispute Wednesday.

Hollande also insisted he would stick by his push for a Europe-wide growth pact by the end of June.