Spanish Prime Minister Mariano Rajoy has inched closer to asking for an EU bailout for his country, but says he needs first to know what conditions would be attached and what form the rescue would take.

Mariano Rajoy, Spanish Prime Minister, said, "I am asking for these issues to be debated in October and for them, at least the banking union, to be approved in December during the last European Council. I insist, Spain has the obligation, at least I believe so, to make a clear bet for the European Union, to give its opinion, because I insist, a good deal of what happens here also depend on decisions that are adopted elsewhere."

Rajoy’s comments on Friday went further than those the day before. On Thursday, he appeared before the press with Italian Prime Minister Mario Monti. Three times Rajoy declined to say whether he would seek aid and trigger a concerted action of the European Central Bank and the European Union rescue funds to bring down Spain’s borrowing costs. Many analysts believe a Spanish bailout is inevitable.

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