De Guindos Tells ABC No More Cuts as Spain Will Meet Debt Goals

Spain’s Economy Minister Luis de Guindos said the country won’t introduce more spending cuts or tax increases because it’s on target to meet its budget deficit reduction goals, ABC newspaper reported.

“There are no new measures because we believe that those we have approved will be sufficient to deliver the pace of deficit reduction we have committed to with Brussels,” De Guindos told the newspaper in an interview.

De Guindos also said Spain will wait until the details of the European Central Bank’s bond-buying proposal have been set out before deciding whether to request aid, ABC said.

“We have time and we can wait until all the details become clear,” ABC cited him as saying.

The economy minister added that Spain will on Aug. 24 approve the decree governing the so-called bad bank to manage troubled financial assets, a condition of the bank bailout, the newspaper added.

To contact the reporter on this story: Ben Sills in Madrid at bsills@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net