May 18, 2012 / 7:59 PM / 8 years ago

Spain's banks need recapitalization: Hollande

WASHINGTON (Reuters) - French President Francois Hollande said on Friday Spain’s banks should be recapitalized by Europe’s bailout funds and everything must be done to keep Greece in the euro zone.

Responding to a question about Spain’s banks, Hollande said: “It would surely be desirable that there is a recapitalization and it would surely be necessary that this recapitalization can be done with the European solidarity mechanisms.”

Speaking to journalists in Washington ahead of a Group of a Eight summit and after meeting U.S. President Barack Obama, he added: “We must do everything so that Greece can stay in the euro zone.”

When asked whether strategic oil stocks should be used to calm oil prices, Hollande said all means should be mobilized.

Reporting by Elizabeth Pineau; Editing by Andrew Heavens

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