Spain does not need bailout, says Economy Minister Luis de Guindos
October 5 , 2012
Spanish Economy Minister Luis de Guindos has dismissed claims that his country needs a bailout.
Speculation has been mounting that the Iberian nation could ask for a bailout as soon as this weekend.
Speaking in London on Thursday, De Guindos maintained "Spain does not need a bailout at all."
De Guindos is in the British capital to sell foreign investors on the so-called "bad bank", where Spain will shed poor property assets that are weighing down its lenders.
The Spanish government has had to borrow heavily in order to cope with a property bubble burst, a recession and the poorest unemployment rate in the eurozone.
"What we are doing is what we think is the correct thing not only for Spain but for the future of the eurozone," de Guindos said at the London School of Economics.