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Spain Minister Urges EU Aid for Banks in First Plea for Help

Spain called for outside support for the first time to battle the financial crisis as Budget Minister Cristobal Montoro said European institutions should help shore up the nation’s lenders.

Spanish banks don’t need “excessive” amounts to recapitalize, and the question is “where that figure comes from,” Montoro said in an interview with Spanish broadcaster Onda Cero today, as he ruled out a full rescue for the euro region’s fourth-biggest economy.