Spain Requests $125 Billion Bailout

0 Posted by - June 25, 2012 - Career & Business, Economics, Foreign Affairs

r1 300x202 Spain Requests $125 Billion BailoutSpain formally requested euro zone rescue loans on Monday to recapitalize banks that are laden with bad debts as the euro and shares fell due to investors’ skepticism that a European Union summit this week will act decisively on the bloc’s debt crisis.

Spanish Economy Minister Luis de Guindos asked for up to 100 billion euros ($125 billion) in a letter to Euro group chairman Jean-Claude Juncker, saying the final amount of assistance would be set at a later stage.

He confirmed his intention to sign a Memorandum of Understanding for the package by July 9 and said the amount should be enough to cover all banks’ needs, plus an additional security buffer.

CONTINUED at Reuters.

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