Citing people involved in the handling of the Spanish crisis, the WSJ reported "Both the European Union and IMF want to avoid having to bail out Spain at all costs, the people said, but early planning is under way given that the country is struggling to raise a €10 billion ($12.4 billion) shortfall in funds to bail out Bankia".
According to the article, the actual size of any potential bailout would be discussed after the IMF's review of Spain, which starts next Monday Jun 4, and would be calculated based financial needs like outstanding bond redemptions and budget deficit forecasts, but the bailout would only be considered if the Spanish government fails to find any other way to recapitalize its banks.
"Some say a Spanish bailout is inconceivable, but it's equally inconceivable that preparations are not being made for such an eventuality," the cited source said.
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