German foreign minister thinks Spain won't need bailout

AFP , Sunday 12 Aug 2012

German Foreign Minister Guido Westerwelle said he does not think Spain's government will need help from European relief funds, according to an interview in a Sunday newspaper.

Speaking to the Bild am Sonntag, he said that "the Spanish government with its Prime Minister (Mariano) Rajoy shows great determination in implementing its reforms. This is why I am optimistic."

"I consider Spain a very strong country with a strong economy."

The eurozone in mid-July approved an aid package for Spanish banks with funds of up to 100 billion euros.

In return, it imposed strict conditions, especially on the financial sector, and Madrid must also meet its pledges to cut its deficit by 2014 and implement recommendations by the European Commission on economic issues.

Short link: