Spanish Business News

Spain's economy minister has dampened speculation that the country is about to seek a bailout of its bank sector.

Luis de Guindos said no decision would be made until audits of the banks were completed, possibly by the end of June.

There have been reports in the last few days that Spain was seeking an immediate bailout from eurozone funds.

Mr de Guindos was speaking in Brussels, where proposals aiming to avoid taxpayers having to fund future bailouts of banks have been published.

An IMF audit of Spain's banks is due next week, with further independent reports completed about two weeks after, Mr de Guindos said.

"I have absolutely not discussed any intervention in Spain's banks today," Mr de Guindos told reporters on the sidelines of meetings in Brussels.

Asked if Spain was preparing a request for EU aid, he said: "We are not preparing anything... we have a road map."

Source: BBC News