Madrid mayor says Spain rescue “seems inevitable”

Ana Botella, mayor of Madrid, Spain, said publicly that the country would need a financial bailout. "There's no doubt about it. It's very probable that we're going to have to ask for help from the European Union," Botella said. Mariano Rajoy, prime minister of Spain, said he would not make a decision on applying for an aid package until the conditions were presented. The country has already accepted a $100 billion loan to stabilize its banks. Options for the euro zone's fourth largest economy would be to apply for a precautionary credit line or petition the European rescue fund to buy Spanish sovereign bonds to force down debt.

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