Spain's prime minister has said his country will not experience economic growth until 2014.
Mariano Rajoy also said that he has no immediate plans to ask for a bailout that could trigger purchases of Spanish bonds by the European Central Bank.
The prime minister said in a radio interview today that Spain's economy will continue to contract next year but that it should turn the corner in 2014.
The country is currently mired in a double-dip recession and an unemployment rate of 25%.
Rajoy said he still has not decided on whether Spain will ask for help from the euro zone and the European Central Bank to bring down the country's high borrowing costs on its debt. However, he added that he has not ruled out a request.
