Spain's Minister: No Request for Bailout

Spanish Economy Minister Luis de Guindos looks on as he attends a meeting of the European People`s Party at the European Parliament in Brussels, Belgium, 06 June 2012. Photo by BGNES

Spain's economy minister has denied speculations that the country is about to seek a bailout of its bank sector.

"I have absolutely not discussed any intervention in Spain's banks today," Luis de Guindos told reporters on the sidelines of meetings in Brussels, as cited by BBC.

Asked if Spain was preparing a request for EU aid, he said: "We are not preparing anything... we have a road map."

Luis de Guindos said no decision would be made until audits of the banks were completed, possibly by the end of June.

There have been reports in the last few days that Spain was seeking an immediate bailout from eurozone funds.

An IMF audit of Spain's banks is due next week, with further independent reports completed about two weeks after, de Guindos said.

However, speculation remains that Spain's bank sector is too weak to escape an eventual bailout.

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