Madrid Ibex climbs as economy minister denies need for bailout

<p>The Madrid Ibex has gained following the Spanish economy minister’s speech in London.</p>

The benchmark stock index in Madrid has risen on open this morning (October 5th), following a statement from the Spanish economy minister insisting the country does not require a bailout.

Speaking at the London School of Economics last night, Luis de Guindos refuted speculation the troubled Iberian nation would be applying for a financial rescue package as soon as this weekend, following in the footsteps of Greece, Portugal and Ireland.

"Spain does not need a bailout at all. What we are doing is what we think is the correct thing not only for Spain but for the future of the eurozone," he said.

Last month, the country's government unveiled a series of austerity measures and structural reforms aimed at saving €13 billion (£10.4 billion) in 2013, by cutting funding for health, education and social services and slashing public sector pay.

At 09:45 BST, the Madrid Ibex was 0.4 per cent higher to a value of 7845.5 points.

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