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Spain Denies Germany Asked It to Use EFSF

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06/03/2012 | 08:26pm EDT

FRANKFURT -- The Spanish government has denied an article in Der Spiegel magazine, published Sunday, that said German Chancellor Angela Merkel and Finance Minister Wolfgang Schaeuble have been urging the Spanish government to take money from the European Financial Stability Facility.

"There has been no pressure, no request last week and not even before then," a Spanish government spokeswoman told Dow Jones Newswires on Sunday.

The article in Der Spiegel says Merkel and Schaeuble are concerned Spain won't be able to recapitalize its banks on its own, and they want to avoid an escalation of the crisis in southern European countries if Greece exits the euro zone. The article doesn't cite a source.

Last week, Schaeuble tried to convince Spain's economics minister, Luis de Guindos, to use funds from the EFSF to cushion bank liquidity, without success, Der Spiegel says. German government experts believe Spain's banks need a capital injection of between EUR50 billion and EUR90 billion, it adds.

Magazine website: http://www.spiegel.de

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