According to informed sources, the Spanish Prime Minister Mariano Rajoy may announce a third package of budget savings over the next few days. It is reported that the authorities intend to avoid a situation where they have to seek external financial assistance.

In accordance with the statements of official representatives of the Spanish government, are being discussed such measures as increasing the value added tax (VAT), where its rate is currently undervalued, which is primarily concerned with gasoline, food, water, public transport, hotels and restaurants.

Furthermore it is reported that the Spanish authorities will create a "bad bank" that will focus all the problem assets of the banking sector in the country, and we intend to agree to bring a basic first level of bank capital to 9% of all national lenders.