Spain's Prime Minister Mariano Rajoy and Economy Minister Luis de Guindos are to hold separate rounds of talks today with European commissioner for monetary affairs Olli Rehn.

The talks are to discuss the country's efforts to manage its stricken finances and whether it will need to seek further financial aid from the region.

The meetings come days after Spain announced new austerity plans.

The results of bank stress tests were also announced in a bid to convince international lenders and investors that it can control its finances.

In its draft 2013 budget presented last Thursday, Spain said it hoped to make some €40 billion in savings.

Independent stress tests on its banking sector presented a day later showed seven financial entities will need to shore up their capital by some €59.3 billion, considerably less than the €100 billion in rescue package granted some months ago by its euro zone partners.

Spain, in its second recession in three years with near 25% unemployment, is battling to fulfill pledges to the EU to reduce its budget deficit to 6.3% this year, 4.5% next and year and 2.8% in 2014.

But on Saturday Finance Minister Cristobal Montoro admitted that aiding troubled banks means Spain's deficit this year will be 7.4%, not 6.3%. He also revised last year's deficit upward from 8.9% to 9.4% for the same reasons.

The EU has yet to comment on these changes.

Spain is at the centre of Europe's financial crisis being the fourth-largest among the 17 countries that use the euro. Besides a shaky banking sector, the country is struggling to support its heavily indebted regional governments

The country is also under pressure to take up the ECB offer to buy unlimited amounts of government bonds to help lower borrowing costs for countries struggling to manage their debts.

To get help from the ECB, Spain must first ask for assistance from the euro zone group.

So far, Madrid has been reluctant to ask for fear of the conditions the other countries will attach.