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Spain makes official request for banks aid
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25/06/2012 08:59:30 AM
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Publish Date25/06/2012 08:59:30 AM
Last Update25/06/2012 08:59:36 AM
On Monday Spain finally formalized its aid request to prop-up its ailing banks. Spain made the official request today with a letter from Finance Minister Luis de Guindos to Eurogroup President Jean-Claude Juncker. The amount of the request is not known yet.
The Eurogroup which is made up of the 17-euro area finance ministers had already agreed to give Spain a lifeline of up to 100 billion euros on June 09.
The independent review for Spanish banks on Thursday said that Spanish banks would need up to 62 billion euros in extra capital to withstand the economic downturn and a stressed financial environment which is less than the upper limit set for aid from the Eurogroup of 100 billion euros.
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