Spanish PM plays down bailout fears

The Spanish Prime Minister is attempting to play down fears that his country will need a bailout.

The Spanish Prime Minister is attempting to play down fears that his country will need a bailout.

After a dismal week in which the country's borrowing costs soared, Mariano Rajoy today said that he was sending a message of "calm".

The German Chancellor Angela Merkel is due to meet with the European Commission president Jose Manuel Barroso in Berlin tonight.

Editor of the Sunday Business Post Cliff Taylor said the situation on Spain was likely to dominate the talks.

"The country can't be allowed to default and go bust in the way that Greece has been allowed to default. To use the cliché, it’s too big to fail," he said.

"The question now is whether some kind of deal can be put together quickly enough to save things."

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