Spain Ready to Make Formal Aid Request - Report

Spain is about to make a formal request for aid, allowing the European Central Bank (ECB) to buy its sovereign debt.

The country is delaying an announcement due to concern about the effect on other Eurozone members, the Financial Times reported Monday, citing an unnamed Spanish official.

The official has said that Spain does not require any money from the European Stability Mechanism, but would be comfortable making a request for a credit line only in order to satisfy the conditions of the ECB to begin buying bonds.

According to the official, the Spanish government does not feel it has to make any immediate move, the official said, as it has watched as the country's borrowing costs in the bond markets have fallen sharply since the summer, and may wait to see if markets anticipate a further fall.

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