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.”
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