Spain to request EU bank aid on Saturday

by
June 8, 2012

By Julien Toyer and Matthias Sobolewski, Reuters

Spain is expected to ask the euro zone for help with recapitalizing its stricken banks at the weekend, EU and German sources said on Friday, becoming the fourth country to seek assistance since Europe’s debt crisis began.

Five officials in Brussels and Berlin said the finance ministers of the single currency area would hold a conference call on Saturday morning to discuss a Spanish request for aid, although no figure on the assistance has been set.

The Eurogroup, which comprises the 17 euro zone states, will issue a statement after the call, which is scheduled to take place before midday (1000 GMT), the sources said.

“The announcement is expected for Saturday afternoon,” one of the EU officials said.

The dramatic move comes after Fitch Ratings cut Madrid’s sovereign credit rating by three notches to BBB on Thursday, highlighting the Spanish banking sector’s exposure to bad property loans and to contagion from Greece’s debt crisis.

To read more, visit:  http://www.reuters.com/article/2012/06/08/us-spain-banks-aid-idUSBRE8570DX20120608

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