Spain Requests Bailout
June 25th, 2012Via: Reuters:
Spain formally requested euro zone rescue loans on Monday to recapitalize banks that are laden with bad debts as the euro and shares fell due to investors’ skepticism that a European Union summit this week will act decisively on the bloc’s debt crisis.
Spanish Economy Minister Luis de Guindos asked for up to 100 billion euros ($125 billion) in a letter to Euro group chairman Jean-Claude Juncker, saying the final amount of assistance would be set at a later stage.
He confirmed his intention to sign a Memorandum of Understanding for the package by July 9 and said the amount should be enough to cover all banks’ needs, plus an additional security buffer.
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