The FINANCIAL -- Spain wants to know the conditions it must submit to before requesting any sovereign bailout, Foreign Minister Jose Manuel Garcia-Margallo said Friday.

"We have to know the conditions, analyse them and then it will be decided," he said in Paphos, a coastal resort in Cyprus where European Union foreign ministers are gathering.

The European Central Bank announced Thursday a scheme to purchase as many government bonds as needed on the open markets to curb punishing interest rates throttling stricken states.

But in order to qualify, the recipient countries must apply formally for a sovereign bailout from the eurozone rescue funds, submitting to strict conditions.

As EUbusiness reported, after the announcement, Spanish 10-year bond yields dropped below six percent for the first time since May.

"The fact that those words alone have brought back calm shows that it was what had to be done, that we just needed the courage and political decision," Garcia-Margallo told reporters.

"Now we have to hope that (the measures) are put into practice as soon as possible," he said.

Related Stories

• Dominican Republic: Improved Investment Climate, Infrastructure and Skills Top National Action Plan
• World Bank Announces US$1 Billion Pledge to Africa’s Great Lakes Region
• EBRD extends €2 million financing to Mobiasbanca