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Spain PM: Economic growth in 2014, no bailout yet

Source : AP
Last Updated: Tue, Nov 06, 2012 20:15 hrs

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.



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