MADRID (Reuters) - Spain's Prime Minister Mariano Rajoy on Wednesday said he was ready to seek a new rescue package for his troubled country but only if its debt financing costs remain too high for too long.

He also announced he would create a new independent fiscal institution to monitor Spain's budget deficit- and debt-cutting efforts as part of a new set of structural reforms due to be unveiled on this week.

"I can assure you 100 percent that I would ask for this bailout," he told the Wall Street Journal.

(Reporting by Julien Toyer; editing by Patrick Graham)