Spain will analyse the conditions and modalities of the European Central Bank's bond-buying program carefully and at length before taking a decision on an aid request, Spain's Deputy Primer Minister Soraya Saenz de Santamaria said on Friday.

"I believe that matters which are so relevant for the general interest and the future of the Spanish people should be analyzed calmly and carefully. These decisions can't be taken overnight," Saenz de Santamaria said during a news conference after the weekly cabinet meeting.

She added that questions over the possible bond-buying program for Spain would be discussed and looked at during a meeting of euro zone and European Union finance ministers in Cyprus on September 14 and 15.

"I think that it is important to respect these proceedings, which will also give us more certainty about what we are talking about," she said.

Spain's Prime Minister Mariano Rajoy showed no rush on Thursday to seek a bailout that would come with bitter conditions for his recession-gripped country under a new European Central Bank plan to bring relief to struggling euro zone members.