Mariano Rajoy on importance of EU bailout of Spain

Spain's Prime Minister Mariano Rajoy has stressed the importance of the EU's financial assistance for his country's struggling banks.Rajoy spoke to reporters at the prime minister's office in Madrid on Sunday.

Financial ministers of the eurozone issued a statement on Saturday saying that the EU would provide Spain with financial aid of up to 100 billion euros, or 125 billion dollars, to bail out its troubled banks.Rajoy said the EU's rescue plan will not only help to increase confidence in the euro but will also aid the recovery of the Spanish economy by providing cash for personal and corporate loans.

He said his government has carried out various reforms in an attempt to restore trust. He added that without these reforms, a bailout of the entire country might have been needed instead of a rescue plan for banks.

Rajoy also said he did not have any pressure from other countries when the government requested assistance from the EU. He added that he personally made the decision.