MADRID (AP) — Spain's prime minister says his country won't experience economic growth until 2014 and that he has no immediate plans to ask for a bailout that could trigger purchases of Spanish bonds by the European Central Bank.
Mariano Rajoy said in a radio interview Tuesday that Spain's economy will continue to contract next year but that it should turn the corner in 2014. The country is currently mired in a double-dip recession and an unemployment rate of 25 percent.
Rajoy told the Cope radio station he still hasn't decided on whether Spain will ask for help from the 17-nation eurozone and the European Central Bank to bring down the country's high borrowing costs on its debt. However he added that he hasn't ruled out a request.
- Politics & Government
- Budget, Tax & Economy
- Mariano Rajoy
- the European Central Bank