Spain Requests 39.5 Billion Euro Bailout
To prop up its banking sector
Eurozone finance ministers will be discussing Spain's bank bailout this afternoon in Brussels, and formally approving the payment. The country requested €39.5bn today to prop-up its struggling banking sector.
The majority of that—€37bn—will go to the four big banks, while €2.5bn will be dropped into the "bad bank" which is soaking up much of the country's toxic property assets.