-Says Spain Now Battleground For Euro Zone Crisis

LONDON (MNI) – Spain is not in need of a bailout, Economy Minister
Luis de Guindos said here tonight in an appearance at the London School
of Economics.

The minister also insisted that it was “crazy to think the the euro
zone will fall apart” and said Spain was a competitive and sustainable
economy, citing the recent decline in unit labour costs.

“Despite all the difficulties that the Spanish economy is now
facing, despite all that Spain is a competitive, sustainable country”

But he conceded that Spain had now become the main battle
ground of the euro zone crisis:

“Spain is the focus of the attention about many of the problems
that the euro zone is suffering. I would say even that the future battle
of the euro is going to be waged in Spain.”

He continued:

“What happens to the euro zone is going to be vital for the future
performance of the Spanish economy.”

–London Bureau; tel: +442078627492; email:
wwilkes@mni-news.com; dthomas@mni-news.com