Spain's economy minister Luis de Guindos denied his country needs a bailout as he gave a speech to the London School of Economics.
He made the denial despite rumours circulating that Spain will ask for a bailout as early as this weekend, the BBC reports.
His speech in London was interrupted by protesters who waved placards saying "Spain for sale", as opposition grows to austerity cuts.
"What we are doing is what we think is the correct thing not only for Spain but for the future of the eurozone," said de Guindos.
However, an independent audit recently calculated Spain's banks will need €59.3bn to survive a serious downturn.
The Governor of the Bank of Spain also warned yesterday Madrid's financial forecasts are "optimistic".
Luis Maria Linde said the forecasts seemed out of step internationally and there was risk of "slippage", the Telegraph reports.
He said Spain needs to impose extra austerity measures to meet the 2013 deficit target of 4.5% of GDP.
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