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Spanish Central Bank says no need for bailout

Source: The Associated Press - Mon 29th Nov 2010

A Spanish central bank official is dismissing the possibility that his country will need a bailout, saying Ireland and Greece can not be compared to Spain.

Bank studies services director Jose Luis Malo de Molina says the Spanish "financial system is essentially sound." He also says the Spanish economy's problems would not be fixed by external financial aid.

Malo de Molina said Monday that Spain's fiscal consolidation program has been more ambitious than other nations and that planned structural reforms will also help dispel investors' fears.

Markets continued to be nervous Monday with the yield on Spain's 10-year bonds rising to 5.5 percent, double that for Germany's bonds. The Madrid bourse was down 1.7 percent.

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