German leader praises Spain moves to avoid bailout

MADRID (AP) - German Chancellor Angela Merkel on Monday praised Spain's recent moves to shore up its finances and avoid a bailout package like those taken by Greece and Ireland, suggesting that the risk is low for Europe's fourth largest economy to be forced into accepting rescue package.

Merkel said Spain took great strides forward by raising the retirement age from 65 to 67 for most workers last week, and by bringing government, unions and business leaders together in a united front this week with a pact promising further reforms to revive its fragile economy at the heart of Europe's debt crisis.