Rajoy: “Spain Needs Financial Assistance not a Bailout”

President of Spain, Mariano Rajoy says Spain Needs Help, not a Bailout

Spain asked the European Union (EU) up to 100,000 million euros to stabilize the banking system, said the Eurogroup on Saturday.

The International Monetary Fund (IMF) presented a report last Friday in which it claimed that several banks in Spain would have to increase their reserves to a total of 40.000 million euros in order to endure another financial crisis.

The president of Spain, Mariano Rajoy has said that the aid is a loan and not a bailout, differentiating the Spanish situation with that of other European nations that have received bailouts.

European Union authorities seek to resolve the crisis before a crucial election in Greece on June 17, which could present another turning point for the already extensive European financial crisis. (MZ)