German Minister Predicts Spain Won't Need Bailout
08/12/2012| 08:56pm US/Eastern
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BERLIN -- German Foreign Minister Guido Westerwelle said he doesn't 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 "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 euro zone 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.
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