Spanish PM rules out move for bailout

Spanish PM rules out move for bailout

Spanish Prime Minister Mariano Rajoy is insisting his country will not follow Ireland in seeking a bailout.

His comments came after the country entered a double-dip recession.

Its economy shrank by 0.3% in the first quarter of the year, and unemployment is almost 25%.

Meanwhile, Standard and Poor's has downgraded the ratings of nine Spanish banks because of the worsening deficit and growth problems.

The Spanish government has announced plans to deal with their debt, including a bad bank, which the Prime Minister has insisted will not be funded with public money.

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