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Spain requests €100 billion Euro loan to prevent financial meltdown

AFP [1]
June 25, 2012

Spain formally requested a rescue loan of up to 100 billion euros ($125 billion) from its eurozone partners in a letter released Monday.

No new figures were included in the letter, after reports by independent consultants last week said stricken Spanish banks could need up to 62 billion euros to survive a severe, three-year financial slump.

Spain’s government viewed the loan offer from its partners “very favourably,” Economy Minister Luis de Guindos said in a letter addressed to Eurogroup head Jean-Claude Juncker.

De Guindos said Spain’s authorities would offer “all their help” in deciding the loan’s eligibility criteria, conditions, required measures and contract definition.

Full article here [1]