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Spain Prime Minister Rajoy Says Bailout Request Is Not Imminent

Spain's Prime Minister Mariano Rajoy. Photographer: Angel Navarrete/Bloomberg
Spain's Prime Minister Mariano Rajoy. Photographer: Angel Navarrete/Bloomberg

Oct. 2 (Bloomberg) -- Spanish Prime Minister Mariano Rajoy said he has no plans to request a bailout soon, fending off mounting speculation that a bid was near.

Asked at a press conference in Madrid today if a bailout request was imminent, Rajoy said: “No.”

Rajoy is weighing the terms of a Sept. 6 proposal by the European Central Bank President to buy bonds of cash-strapped nations including Spain if they make for a formal aid request from the euro region’s government-run rescue funds. Reuters news agency yesterday reported that Spain is ready to seek a bailout as soon as this weekend.

Economy Minister Luis de Guindos said yesterday after a meeting with European Union Economic and Monetary Affairs Commissioner Olli Rehn that the country is still analyzing the ECB bond-buying proposal. Rehn also met with Rajoy and Bank of Spain Governor Luis Maria Linde on his visit to Madrid.

As Rajoy faces unrest on the streets of Madrid over budget cuts and a separatist movement in Catalonia, leaders of the 17-nation euro area are confronting a tougher approach from the German-led pro-austerity bloc and talks in Athens over keeping emergency aid on track. The first of three summits in the next three months is set for Oct. 18-19.

The Spanish premier today called on European leaders to implement their June agreement to forge a banking union “as quickly as possible.”

To contact the reporters on this story: Ben Sills in Madrid at bsills@bloomberg.net; Angeline Benoit in Madrid at abenoit4@bloomberg.net

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

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