Spain to ask for financial aid for banks
6/9/12 2:28 PM ET (MarketWatch)Print
Madrid (MarketWatch) -- Spain's Finance Minister Luis de Guindos said Saturday that his government will ask the EU for financial assistance for the country's banks. At a press conference, de Guindos stressed several times that the assistance was not a rescue, which he said was not needed, but a support line for banks to keep them healthy and let them function in Spain. He said the assistance is only for the banks and not for the country as a whole and would be given under "very favorable" conditions, adding the amount of the loan would be known in a few days. Dow Jones Newswires reported that de Guindos said 100 billion euros ($125 billion) would be the maximum amount that Spain would ask for.
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