SPANISH BAILOUT IMMINENT........

by gimp , OZ. STH. CORAL SEA., Saturday, June 09, 2012, 08:57

Spain is widely expected to ask the International Monetary Fund on Saturday afternoon (local time) for a bailout from the eurozone's rescue fund.

Spain would become the fourth country to request financial aid since the start of Europe's sovereign debt crisis two years ago.

However, a Spanish government official reiterated on Saturday that there "had been no change" and Spain would not be asking for a bailout.

Eurozone finance ministers are set to discuss the possibility of bailing out the Spanish economy during a conference call at 2:00pm (GMT), with a request for financial aid expected "any time now" according to European government sources.

Finance ministers will discuss a "declaration on Spain's intention to request aid and the [eurozone's] commitment to granting it," one European government official said.

The conference call comes after the IMF announced on Friday that Spain's weakest banks need at least 40 billion euros in new capital.

However, the IMF warned the amount would not be enough to cover other costs, and some experts have suggested a bailout in the order of 200 billion euros will be needed.

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http://www.abc.net.au/news/2012-06-09/eurogroup-to-discuss-spanish-bailout/4062280

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