European Commissioner for Economic and Monetary Affairs Olli Rehn told CNBC that no new conditions would be imposed on Spain if the country requests help from the European Central Bank (ECB).

However, he did admit there would be some "very specific" targets based on recommendations already given to the Spanish government.

In a separate weekend interview with Il Sole 24 Ore, Rehn added that "it wouldn't be necessary to revise Spain's deficit targets because it will be able to achieve them."

The EU commissioner pointed out that "Spain has already made a large number of reforms. Bank recapitalisation and reform is already in motion. Of course, complying with the deficit targets is a great challenge considering the spillover effect from the regional governments."

At the same time, International Monetary Fund Managing Director Christine Lagarde said that both Spain and Italy had already taken the appropriate measures.

However, The Sunday Times quotes an ECB source as saying that "everyone" would like to see Spain place a request for aid in the next few weeks. "Otherwise the markets will get nervous again," the source said.

AB

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