Spain will present new reforms by the end of September, EU Commissioner for Economic and
Monetary Affairs Olli Rehn said on Friday, as the country battles to stave off a request for financial aid from international creditors.
“On fiscal policy and structural reforms, it is essential to keep the momentum. (Spain’s Economy Minister Luis) de Guindos expressed very clearly that Spain is ready to take the necessary action to meet the fiscal targets, which are certainly in reach,” Rehn said at a news conference following the meeting of euro zone finance ministers in Nicosia.
Minister De Guindos also informed the Eurogroup today that the Spanish government intends to adopt a national reform program by the end of September based on recommendations of the European Union with very clear commitments and precise timetables,” he said.
Earlier the European Central Bank (ECB) and the International Monetary Fund (IMF) denied a newspaper report that they were in negotiations with Spain over a bailout.