Antich tells the banks to start releasing money

PALMA
BALEARIC President Antich, before sending his ministers to Brussels to lobby for more money, is going to sit down with leading Balearic banks this weekend and urge them to start releasing money. “We are trapped in a serious crisis of a kind many of us have never experienced, Antich said yesterday. “We've all got to pull together in order to combat the crisis and try to reduce the collateral damage of credit crunch on the Balearics.” The president has called the region's leading banks and building societies together to explain exactly what steps the government is taking to fight the recession and help the local economy and employment market.

But, at the same time, he is going to ask the banks to start easing their credit and loan restrictions, especially for the small business sector which is being hit the hardest by the recession and is reporting serious problems in securing financial assistance from the banks.