Spain formally applies for bailout

City A.M. Reporter
Spain formally requested on Monday European aid of up to 100bn euros for its banks, the Economy Ministry said in a statement.

Spain's Economy Minister Luis De Guindos (pictured) said in the letter to Eurogroup chairman Jean-Claude Juncker that the final amount of the financial assistance would be set at a later stage but

should be enough to cover all banks' needs plus an additional security buffer.

He also confirmed his intention to sign a Memorandum of Understanding for the package, which would include full details, by 9 July.