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Spain resists pressure to call for EU bailout funds

Spain resists pressure to call for EU bailout funds
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Spain has ruled out asking for EU bailout funds as pressure grows on the government.

It comes after an influential Spanish business group urged Prime Minister Mariano Rajoy to take a decision as soon as possible to bring relief to the recession-gripped country.

But Spain’s Deputy Prime Minister, Soraya Sáenz de Santamaría, said the government is willing to play the waiting game: “There are decisions that you cannot take in a hurry, not even from one day to another. The implications are very important for our country and for our future.”

The opposition Socialists have also called on the government to take some action with the country struggling under the weight of austerity measures.

Alfredo Perez Rubalcaba said he wanted the government to go to Brussels and make the point that it can not impose any tougher measures that do not bring any results: “We must take the right steps because Spain needs to rid itself of some pressure,” he added.

But Spain is unlikely to yield to internal calls ahead of two crucial dates this month, including the results of an audit of its troubled banks and Moody’s credit rating agency’s next review.

The government is also facing two challenging regional elections in October.