Spanish finance minister says there is no need for a bailout

(Source: Reuters)

Spain's minister of the economy, Luis de Guindos, has said that Spain absolutely does not need a bailout. He stressed his belief that the worst of the crisis is over for Spain.

Despite this, the country saw unemployment hit a record high of 27.16 per cent in the first quarter and de Guindos refused to rule out further aid for Spanish banks.