ECB's Liikanen-Spain decoupled from worst-hit countries

HELSINKI: Spain has managed to improve its financial situation, European Central bank Governing Council member Erkki Liikanen said on Friday.

"Spain has decoupled from (the three worst-hit countries), their interest rates have settled on a clearly lower level," Liikanen told Finnish television station MTV3.

"Spain has reorganised banking sector and cut deficit quickly."

Liikanen also said the organisations and countries which participated in Greece's bailout would be very strict in holding the country to the conditions agreed.

He also said that any financial transaction tax would need to be global to maximise its efficiency.