MADRID (MarketWatch) — Spanish Economy Minister Luis de Guindos on Monday said the country’s economy will contract again in the second quarter, according to media reports. The country’s economy, at the heart of deep worries for financial markets, contracted 0.3% in the first quarter, its second straight quarter of economic decline. Late Friday, the government revised up its budget deficit to 8.9% from 8.5% for 2011, after four regions reported higher debt. Speaking to reporters, de Guindos reportedly also said the country’s banks do not need bailout help, after French President Francois Hollande said at the Group of Eight Summit over the weekend.that Spanish institutions should be recapitalized by Europe’s bailout funds. Spanish stocks stayed under pressure after earlier attempts at gains, off 1.1% to 6,495.70, while yields on 10-year government bonds ES:10YR_ESP +0.07% rose 5 basis points to 6.32%.
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