Spanish Business News

GODOLLO, Hungary -(Dow Jones)- All of Spain's banks will be able to pass stress tests, Spanish Finance Minister Elena Salgado said Saturday.

"Even the last one of the cajas [savings banks] is able to pass the stress tests," Salgado said, adding she is confident that a recapitalization of Spanish banks will be completed.

The transparency resulting from the stress tests in the long run will help Spanish banks, she said. She pledged "full transparency" in Spain's banking system.

She reiterated that Spain has already put in place most economic reforms needed to bring its deficit down.

"We still need to complete some reforms," she said, adding that talks about that are ongoing.

She acknowledged that austerity was unpopular, but said it was necessary.

Salgado also said she sees no risk of contagion from the Portugal crisis.

Source: Nasdaq.com