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News Summary: Spain says bailout decision imminent

The Associated Press
Wednesday, 17 Oct 2012 | 11:09 AM ET

COUNTING DOWN: The Spanish government will decide within the next few weeks whether to ask for outside financial help, noting it might opt for a precautionary line of credit instead of bailout cash.

TIMING MATTERS: Germany has said Spain does not need a bailout and Spanish Prime Minister Mariano Rajoy may be reluctant to accept a rescue ahead of regional elections Sunday.

MARKET REACTION: Interest rates on Spanish bonds eased amid rising speculation that Madrid will ask for help soon and relief that Moody's rating agency did not cut its credit grade on the country to junk status, as had been widely feared in recent weeks.

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