MADRID (AP) — Spain is feeling less pressure to seek European financial aid in the short term because its state borrowing costs have dropped since the European Central Bank announced its offer to buy bonds, a government official said Wednesday.

The official, who spoke on condition of anonymity in line with government policy, noted Spain’s borrowing rates in the bond markets had dropped since the ECB announced its plan, under which it would buy the government bonds of countries that ask for a European bailout.