German minister rejects talk of Spain aid request

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German minister rejects talk of Spain aid request

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European Central Bank head Mario Draghi promised to do whatever it takes to preserve the euro.

28 July,2012 02:35 pm

Germanys finance minister is rejecting talk of a possible application from Spain for the eurozones bailout fund to buy the struggling countrys bonds.This week, European Central Bank head Mario Draghi promised to do whatever it takes to preserve the euro. The German and French leaders said they were determined to do everything to protect the eurozone.Those comments raised expectations the ECB or the rescue fund might step in to buy Spanish government bonds and lower the countrys borrowing costs.Still, was quoted Saturday as telling the Welt am Sonntag newspaper Spains short-term financing needs are not so big.German Finance Minister Wolfgang SchaeubleAsked about talk that Spain could soon make an application for the rescue fund to buy bonds, he replied: There is nothing to this speculation.