Spain holds bailout at bay after debt test
October 05, 2012  08:37
Spain has fended off pressure for a full bailout to end its financial crisis, its economy minister insisting it did not need rescuing "at all". 

The eurozone's fourth-biggest economy yesterday passed a key test of confidence when its borrowing costs mostly eased in a bond auction, and won praise from the European Central Bank for its crisis reforms.

In a speech in London, Economy Minister Luis de Guindos insisted that Spain "does not need a bailout at all," and is "a competitive and sustainable country". 

Earlier in the bond sale, Spain showed it can still tap the markets for financing, raising 3.99 billion euros ($5.2 billion) in two-, three- and five-year bonds, at interest rates that were mostly lower.

Pressure remained however, with analysts warning that financial markets were counting on a bailout and the governor of the Bank of Spain casting doubt on Spain's fiscal targets and economic outlook.
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