Spain Officially Requests European Aid

Spain formally requested on Monday European aid of up to 100 billion euros for its banks, the Economy Ministry said in a statement.

Spain’s Economy Minister Luis De Guindos said in the letter to Eurogroup chairman Jean-Claude Juncker that the final amount of the financial assistance would be set at a later stage but should be enough to cover all banks’ needs plus an additional security buffer.

He also confirmed his intention to sign a Memorandum of Understanding for the package, which would include full details, by July 9, Reuters reported.

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