Finance chief: Spain 'won't seek bailout'

Spain will not be next in line for a bailout, the country’s finance minister said today after Portugal became the third eurozone country to seek outside help.

Elena Salgado said a bailout for Spain is “absolutely ruled out”.

She said investors have concluded that the Spanish economy “is more diversified, more powerful with sound basics, and is much more competitive”.

Spain’s economy will be tested today during a bond auction to raise as much as €4.5bn.

Thousands of young Spaniards are expected to demonstrate tonight against high unemployment and a rash of government austerity measures.