(Reuters) - Euro zone countries must respond as a bloc to the region's debt crisis, Spain's Economy Minister Elena Salgado said on Friday, adding that reforms at state level were not a substitute for co-ordinated action from the region.
"This is a joint problem for the countries of the euro zone and the solutions should come in a co-ordinated form from the euro zone -- from the countries, from the institutions and of course from European policy," she said at the government's weekly press conference.
Earlier, European Central Bank President Mario Draghi pressed euro zone governments to kick-start the region's rescue funds, resisting pressure on the bank to do more to tackle the crisis that threatens to tear apart the 17-nation currency bloc.
Spain was able to finance its funding needs and yields on the country's sovereign debt did not accurately reflect the health of its economy, Economy Minister Salgado said.
On Thursday, Spain was forced to pay the highest borrowing costs since 1997 at a sale of 10-year bonds.
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"This is a joint problem for the countries of the euro zone and the solutions should come in a co-ordinated form from the euro zone -- from the countries, from the institutions and of course from European policy," she said at the government's weekly press conference.
Earlier, European Central Bank President Mario Draghi pressed euro zone governments to kick-start the region's rescue funds, resisting pressure on the bank to do more to tackle the crisis that threatens to tear apart the 17-nation currency bloc.
Spain was able to finance its funding needs and yields on the country's sovereign debt did not accurately reflect the health of its economy, Economy Minister Salgado said.
On Thursday, Spain was forced to pay the highest borrowing costs since 1997 at a sale of 10-year bonds.
yahoo.com
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