An International Monetary Fund mission to Spain earlier this week was a "routine" economic review, a spokesman said Thursday. IMF spokesman David Hawley said a small team visited Madrid for five days as part of the fund's annual economic review of the country. A visit last year had been postponed because of elections, he said. Although economists say Spain has made significant economic reforms, including recapitalization and restructuring its banking industry, the sector needs more cash to cover the ongoing fallout from a popped real estate bubble. Combined with the country's debt burden and the rising cost of borrowing, those concerns are fueling speculation Madrid may need loans from the IMF and its euro-zone members.
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