Spain, Portugal Can Avoid Aid, German Minister Bruederle Says

Spain and Portugal can avoid a bailout by taking the “necessary” steps to cut their respective budget deficits, German Economy Minister Rainer Bruederle said.

Asked if Spain or Portugal will need European aid, Bruederle said: “I believe not.” Each country “has the chance to do what’s needed,” he told reporters in Berlin today.

“A country that makes the necessary structural adjustments will be successful,” he said. “A country that doesn’t won’t.”

To contact the reporter on this story: Brian Parkin in Berlin at bparkin@bloomberg.net

To contact the editor responsible for this story: Alan Crawford at acrawford6@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.