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No bailout for Spain

THE chief executive of the European Financial Stability Facility (EFSF), Klaus Regling, does not expect Portugal or Spain to require bailouts.

Mr Regling said that so far Ireland is the only country requiring the funding, Austrian state radio ORF has reported.

"I don't see any need at all any more for Spain -- Portugal still has to do some work," he said. "At the moment it looks like Ireland will be the only country to have tapped the EFSF."

While the EFSF would have sufficient funds for additional bailouts, giving funds "currently doesn't look necessary," he said.

Mr Regling co-authored with Max Watson a report into the banking crisis in Ireland for the Government last year