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Spain cajas 'will not need EU or IMF help'

Wed 2th Feb 2011

The Deputy Finance Minister of Spain, Jose Manuel Campa, has commented how the country will never need to fall back on the European Union bailout fund, instead being successful in slashing the euro-zone's third largest budget gap and reforming it's cajas. However his immediate superior, Finance Minister Elena Salgado, was a little more cautious, saying how the country 'didn't need aid at the moment.'

They have both ruled out seeking help from the EU or the IMF, even as borrowing costs increased amid concerns as Ireland sought a bailout. The gap between Spanish and German 10-year bonds narrowed today to the lowest since before the Irish bailout.

Spain will acheive it's promise of reducing its deficit to 6 % of gross domestic product and the country's cajas will pass the next round of stress tests to expose any weakness in capital levels, Campa said.

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