EU rubbishes report of 250b euro Spanish credit line

The European Commission dismissed as "rubbish" reports yesterday that the EU, the IMF and the US were planning a credit line of up to 250 billion euros for Spain.
"I can firmly deny this story," EU economic affairs commissioner Olli Rehn spokesman's said. "I checked of course from the commission side if there was any team sent from Brussels, as the article claims. And I can say that that story is rubbish.”
The original report in Spanish daily El Economista said that officials were seeking to come up with gentler conditions than those forced on Greece in its 110-billion-euro bailout.
The EU executive underlined that a 500-billion-euro EU emergency fund of loans and guarantees, that Spain or any other troubled eurozone country could ask to tap into, is "now in place... under Luxembourg law."
“It's ready but there has been no request and no plan whatsoever for any member state... for activation," the spokesman added.