Spain Will Seek European Bailout for Its Banks, Guindos Says
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Spain will seek a European bailout for its banks, Economy Minister Luis de Guindos told a press conference in Madrid today, following a conference call of euro-area finance ministers.
Guindos said the aid to Spain will be provided on terms “much more favorable” than what currently would be possible in the financial markets. The amount of funding being provided will be announced by euro-region finance ministers, Guindos said, without specifying when.