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Spain has made a formal request for a loan to help clean up its troubled banking sector, the Economy Ministry said Monday. The country has yet to specify how much of the 100 billion euro ($125.39 billion) loan package offered by the 17 countries that use the euro it will ask for.
Economy Minister Luis De Guindos said recently the figure will be made known July 9 when Spain and its single currency partners reach agreement on the terms of the loan, such as the interest rate.
Last week, two international audits commissioned the government said that Spain's banks could need up to €62 billion ($77.7 billion) to survive if the economy were to suffer an extreme deterioration.
