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Spanish PM rules out need for bailout

(Xinhua)

10:27, April 12, 2012

MADRID, April 11 (Xinhua) -- Spanish Prime Minister Mariano Rajoy on Wednesday said Spain would not have any trouble paying off its debts.

After recent budget cuts worth millions of euros, Spain saw the biggest fall in its stock market this year (2.96 percent) on Tuesday. The country's risk premium rose to a high of 435 points before ending the day on 434 points.

Meanwhile, the interest rate on Spain's 10-year treasury bonds rose to almost 6 percent. Although markets calmed down on Wednesday, Rajoy sought to reassure investors.

"There are countries which are not going to be able to return the money, but this is not the case for Spain and it will not be the case for Spain in the future," he said at a meeting of parliamentary deputies of his right-wing Popular Party.

Rajoy requested fellow European leaders such as French President Nicolas Sarkozy and Italian Prime Minister Mario Monti to show care and "prudence" when speaking about Spain.

Earlier in the day, Rajoy announced a new measure aimed at reducing fraud in Spain and increasing state revenue. Cash can only be used for financial operations involving a company or a professional if they have a value of less than 2,500 euros.

That means, for example, if an individual employs a self-employed builder to carry out work on their house, payments will have to be made either by cheque or bank transfer.

Similar legislation has been introduced in France and Italy to limit the cash economy and ensure the state receives relevant taxes.

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