Spanish leader says no need for bailout

SPAIN'S Prime Minister Mariano Rajoy says his debt-laden economy has no need of a European bailout, after holding a summit with Italy.

The leaders of Italy and Spain, the eurozone's third- and fourth-largest economies, met at time of uncertainty about if and when Madrid will be forced to reach out for a European Central Bank rescue line.

If Spain does so, some analysts fear that Italy could be next in line as financial markets seek out the next weak link, creating a domino-like ripple across the most fragile members of the 17-nation region.

In a joint news conference with Italian Prime Minister Mario Monti on Monday, the Spanish leader was asked about the possibility of Madrid asking for eurozone aid including bond-buying support from the ECB.

"The government has not requested it because it understands that at the moment it is not essential to defend the interests of the Spanish people", Rajoy replied.

Instead, the Spanish leader agreed with Monti that the eurozone must be kept together, and its powers strengthened.

"Europe is not stopping, Europe is carrying on advancing and it is doing so with Spain and Italy more united than ever," the 57-year-old grey-bearded Spanish leader said.

"Our commitment to the euro is unbreakable and we will adopt all necessary measures to guarantee its stability and irreversibility," the prime minister added.

Rome and Madrid thus underlined their commitment for Greece to stay in the single currency region, he said.

Greece is far behind in a program to recapitalise its banks as it battles to meet conditions for new international debt funding to avert bankruptcy the country.

Athens hopes to help recapitalise its banks, hard hit by the national debt, deep recession and flight of capital, with money from the next instalment of rescue funds from the IMF and European Union.

Italy and Spain were going through a "fairly difficult time in this adolescence of the European Union towards something satisfactory ", Monti told the same news conference.

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