She noted that Spain's bond redemption payments at the end of January may be uncomfortably costly if it does not tap the European financial aid program.
Christine Lagarde, the head of the IMF, this week voiced her concerns at the impact Europe's austerity drive was having on economic growth, both in the continent and globally. The IMF downgraded its global growth estimates for this year and next.
Spain, alongside many other European countries, has slashed spending and raised taxes to get a handle on its debts and to regain investors' confidence in its public finances.
Pylas reported from London.