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Spain’s Fiscal Position Shows Improvement, Reynders Says

Belgian Finance Minister Didier Reynders said Spain’s fiscal position has improved and that he doesn’t see an immediate need for a “solution” in countries besides Greece, Ireland and Portugal.

The only possibility is “for Spain to have a better position than before,” Reynders said today in an interview with Bloomberg News in Washington. Spain is showing “a very good improvement and I am sure that it will be enough.”

Portugal last week followed Greece and Ireland in seeking an international bailout and is being told by European policy makers to implement tougher fiscal policy to obtain it. European Union Economic and Monetary Affairs Commissioner Olli Rehn said this week he’s “quite confident” the financial-aid package being negotiated for Portugal will result in the debt crisis being contained.

Asked if Greece will restructure its debt, Reynders said policy makers didn’t discuss that, and instead “we discuss the capacity for Greece” as well as Portugal and Ireland “to go back to a better fiscal situation.” In addition, “we are preparing stress tests for the banks” in Europe, he said.

Spanish Finance Minister Elena Salgado said April 8 that a financial bailout is “completely out of the question” after neighboring Portugal asked for external aid.

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