Spain will make aid request, but only once audits completed - sources

BRUSSELS, June 9 Sat Jun 9, 2012 1:10pm EDT

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BRUSSELS, June 9 (Reuters) - Spain will make a request for aid from its euro zone partners, but not until it has a clearer idea of the amount of capital its banks needs from private-sector audits, three EU sources told Reuters on Saturday.

Spain indicated during a conference call of the euro zone's 17 finance ministers that it wanted aid for its banks but wouldn't specify the amount until Oliver Wyman and Roland Berger, two independent consultants, deliver their assessment of the capital needs some time before June 21.

"They want the aid, but they'll only say how much in a few days' time," one of the sources said.

Earlier, sources told Reuters that Spain would be able to request up to 100 billion euros, although they emphasised that that was the upper limit - the actual amount requested could be less. The IMF has indicated it could be between 40 and 80 billion euros.

One of the sources said it was still not clear whether Spain will receive the money from the European Financial Stability Facility, a temporary 440 billion euro fund, or from the permanent European Stability Mechanism, which comes into force next month.

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Comments (1)
SkinnyCat wrote:
Just for Spain’s banks alone will used up 1/4 of the bail-out. Europe is doomed.

Jun 09, 2012 2:09pm EDT  --  Report as abuse
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