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Spain asks former Latin American colonies for investment to help it through financial crisis

Spain's prime minister has joined its king in asking former Latin American colonies to help the EU nation overcome a deep financial crisis by channeling investments its way.

Prime Minister Mariano Rajoy said Spain had invested heavily in Latin America when it had suffered a crisis 10 years ago, and now that the roles were reversed, he called upon those nations to increase their participation in his country's economy.

Rajoy said "Spain receives Latin American investment with open arms."

Rajoy was speaking at the Iberoamerican summit being held in Spain's southwestern port of Cadiz, once the country's gateway for importing Aztec and Inca treasure.

King Juan Carlos had made the same plea Friday, saying "our eyes turn to you, we need more Latin America."