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Spain formally request bank assitance

06-25-2012 19:24 BJT

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Spain has formally requested assistance for its ailing banking sector on Monday.

The country's Economic Minister Luis De Guindos has asked for up to 100 billion Euros in a letter to Eurogroup chairman Jean-Claude Juncker.

The final amount would be determined by July 9th when Spain and its Eurozone partners reach an agreement on the terms of the loan.

Last week independent auditors released a report, saying that the country would need up to 62 billion Euros in aid to recapitalize its banks.

Spain is the eurozone's 4th largest economy and many worry that a sovereign bailout would seriously test The European Union's finances.

Editor:Zhang Jianfeng |Source: CNTV.CN

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