- Aug 27, 2008
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Spain has asked the European Union for up to 100 billion ($125 billion) to provide a capital buffer for the nation's ailing banks, the Eurogroup said Saturday.
"The Eurogroup has been informed that the Spanish authorities will present a formal request shortly and is willing to respond favorably to such a request," the group said in a statement.
Without specifying the amount sought, Spain's economy minister, Luis de Guindos, announced the request at a news conference in Madrid. de Guindos said that the amount sought would be enough to guarantee the safety of the banks and signify credibility to the capital markets.
Spain seeks $125 billion in EU aid for banks - Jun. 9, 2012
Yes, rob European taxpayers again. Surely it'll work this time.