Prime Minister Mariano Rajoy of Spain says he will not accept outside conditions over a possible bailout.
In his first television interview since taking office, Mr Rajoy said on Monday that no decision has been taken to request a bailout.
Last week, European Central Bank announced plans to buy bonds from indebted countries - under bailout conditions.
ECB president Mario Draghi said the ECB would provide a "fully effective backstop".
The BBC reports the aim of the programme was to cut the borrowing costs of debt-burdened eurozone members by buying their bonds.
The Spanish government's implied borrowing costs fell sharply after the announcement.
"I am absolutely convinced that everyone will be reasonable but I insist that we haven't taken a decision," Mr Rajoy told state television.
"I will look at the conditions. I would not like, and I could not accept, being told which were the concrete policies where we had to cut," he added.
And he promised that pensioners would not be affected by any decisions.