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Europe to give Spain a bailout for banks, could cost up to $125 billion
MADRID (AP) ' Finance ministers from the 17 countries that use the euro say they are ready to give Spain up to '100 billion ($125 billion) in a bailout to help save its ailing banking sector.
The eurogroup said Saturday night that the money would come from Europe's bailout funds and that the final amount would be determined by an audit that Spain is currently undertaking. The statement said the loan should include current needs and also a "safety margin."
The money will go directly to a fund set up by Spain to recapitalize ailing banks, but the government will ultimately be responsible for the loan.