International Monetary Fund (IMF) Managing Director Dominique Strauss-Kahn gave the Spanish government a vote of confidence, saying on a visit to Madrid that its reform plans went "absolutely in the right direction."
The comments and Spain's readiness to make public resilience tests for its banks allayed concerns the country might have to tap a 500 billion euro ($613.2 billion) safety net set up to halt contagion in the euro area after a bailout of Greece.
The euro held near a three-week high against the dollar close to $1.24, well above the four-year low of $1.1876 it hit on June 7 and good for a weekly gain of about 2 percent -- its biggest since May 2009.
For more: Spain optimism and stress tests boost euro assets | Reuters
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