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Spain PM: Economic Growth In 2014, No Bailout Yet

MADRID (AP) â¿¿ 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.
Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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