Bailout Denial by Spanish Economic Minister

Spain’s economy minister Luis de Guindos has denied that his country needs a bailout.

His speech in London was interrupted by a group of protesters who waved placards saying “Spain for sale” – opposition to austerity cuts is high in the eurozone’s fourth-largest economy.

Rumours have circulated that Spain will ask for a bailout, as soon as this weekend.

But he said: “Spain does not need a bailout at all.”

The Spanish government has found itself in financial difficulty since the 2008 global financial crisis caused a big crash in the country’s over-heated property market.

The latest austerity measures unveiled in Spain’s last budget, which came against a backdrop of violent protests, aim to make savings of around 13bn euros next year, by cutting public sector wages, education, health and social services.

Via – BBC

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