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    HomeNewsWorldSpain formally requests European aid for its banks

    Spain formally requests European aid for its banks

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

    June 25, 2012 / 19:45 IST

    Spain formally requested for 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.

    first published: Jun 25, 2012 02:16 pm

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