De Guindos Says Spain Now Has Roadmap to Solve Banking Crisis

Spain now has a “roadmap” to solve its banking crisis after the release of an independent audit yesterday, and the government will formally request as much as 100 billion euros ($125 billioin) in aid for its lenders within days, Economy MinisterLuis de Guindos said.

A pair of independent auditors yesterday said the banks would need between 52 billion euros and 62 billion euros if the country faced extreme economic conditions.

“We have advanced on the terms and the conditions regarding the financial assistance for Spain,” De Guindos said in Luxembourg today before a meeting of European Union finance ministers. “We therefore have a plan of action which i believe is fundamental.”

Boosting capital of the country’s lenders will not be “an instantaneous process,” De Guindos said, adding that a full- scale banking union is “a possibility” and will be discussed at a summit of European leaders next week.

To contact the reporter on this story: Henrique Almeida in Lisbon at halmeida5@bloomberg.net

To contact the editor responsible for this story: Andrew Davis at abdavis@bloomberg.net

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