Spain's Finance Minister Cristobal Montoro scratches his face during a control session at the Spanish Parliament, in Madrid, Wednesday, June 13, 2012. The interest rate Spain would have to pay to raise money on the world's bond markets continued to rise Wednesday amid worries that a planned bank bailout might not be enough to save the country from needing an overall financial rescue. (AP Photo/Daniel Ochoa de Olza)
Spain's Finance Minister Cristobal Montoro scratches his face during a control session at the Spanish Parliament, in Madrid, Wednesday, June 13, 2012. The interest rate Spain would have to pay to raise money on the world's bond markets continued to rise Wednesday amid worries that a planned bank bailout might not be enough to save the country from needing an overall financial rescue. (AP Photo/Daniel Ochoa de Olza)
MADRID (AP) ? Spain's sky-high borrowing rates have edged down somewhat and the finance minister has again denied that the country will need a full-fledged bailout of its public finances.
The yield on the Spanish benchmark 10-year bond is down to 6.88 percent, below the 7 percent interest rate that eventually forced Greece, Ireland and Portugal to ask for international financial help.
Finance Minister Cristobal Montoro said Wednesday that Spain won't need the same kind of assistance "because it does not need to be rescued."
Spain has requested bailout money for its banks hurting from a property boom that went bust. Audits are due Thursday that will help Spain determine how much it needs from a ?100 billion ($126 billion) lifeline to be set up by the 17-nation eurozone.
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