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Spain Seeks $125 Billion Bank Aid

Spain is fourth euro member to seek a bailout.

By Charles Penty, Emma Ross-Thomas and Ben Sills, Bloomberg | Updated on June 10, 2012

Spain became the fourth euro member to seek a bailout since the start of the region’s debt crisis more than two years ago with a request for as much as 100 billion euros ($125 billion) to rescue its banks.

Prime Minister Mariano Rajoy, who as recently as May 28 said he wouldn’t seek a bailout, characterized the deal as a credit line for banks and an endorsement of his policies. He spoke to reporters today in Madrid before flying to Gdansk, Poland, for a soccer match between the national team and Italy.

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