2011.09.1205:17:00UTC+00EU's Almunia Hints At More Bailouts: Report

European Union Competition Commissioner Joaquin Almunia said that he can not rule out the possibility for more bailouts in the future, and urged countries, vulnerable to market risk aversion, to accelerate the process of fiscal consolidation.

The governments should have the political courage to carry out the necessary financial reforms and co-ordinate in the best possible way, he told Spanish newspaper Expansion in an interview posted on its website on Sunday.

He stressed that countries like Greece, Italy, Portugal and Ireland must quicken fiscal consolidation as most of them do not have enough savings to finance their borrowing needs without resorting to markets, that have an aversion to risk much higher than three years ago.

He noted that he does not expect to see a global recession, though the growth slowdown is a reality. A recession is negative growth rates and in the euro area, European Union and the U.S., growth rates are positive.

Though they are not as good as what was expected a few months ago, the economic conditions are far better than those seen in 2008 and 2009.