Spain Reluctant to Accept Assistance

The EU and Spain are trying to come to terms over a rescue plan for the debt ridden European economy. The government remains unwilling to apply for international aid, but analysts say asking for a bailout is essential.

A new Spanish rescue programme to be announced next Thursday will be focused on the measures international lenders would ask in return for a bailout. As the ECB money always comes with strings attached, Spanish Prime Minister Mariano Rajoy is doubtful whether the country should ask the eurozone's €500bn rescue fund, the European Stability Mechanism, to begin purchases of Spanish sovereign bonds. He fears EU monitors would demand tough conditions in return.

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