Merkel: no pressure from Germany on Spain aid

Associated Press SHARE

BERLIN (AP) — German Chancellor Angela Merkel says Spain hasn't yet sought outside help to deal with the troubles of its banks and Berlin won't pressure it into doing so.

Spain faces rising pressure to find a financial lifeline for its deeply troubled banks — likely from the eurozone's rescue fund since Madrid's borrowing costs on markets have risen sharply.

Merkel said Friday that "we have everything that is needed for a stable development of the eurozone."

Responding to a question about the possibility of Spain seeking aid, she said: "It is up to individual countries to turn to us; that has not happened so far, and so Germany will not exert any pressure or anything else here."

Merkel reiterated that all necessary institutions are ready if a country decides to seek assistance.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.