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"MADRID (MarketWatch) — Spain became the fourth euro-zone country to require international financial assistance on Saturday, as Finance Minister Luis de Guindos said the country will ask the European Union for as much as 100 billion euros ($125 billion) in loans to help its struggling banking sector.

Speaking to reporters Saturday evening following a teleconference call with euro-zone finance ministers earlier in the day, a visibly tense de Guindos said the loans were specifically aimed at the banking sector and not the wider economy.

The loans would be given under “very favorable” conditions and there were no specific economic preconditions, he said.

“The Eurogroup supports the efforts of the Spanish authorities to resolutely address the restructuring of its financial sector and it welcomes their intention to seek financial assistance from euro area member states to this effect,” said the Eurogroup in a statement. "


cont'd


http://www.marketwatch.com/story/spain-bank-bailout-awaited-...
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