Spain expected to apply officially for bank aid on Monday

FXstreet.com (Barcelona) - Following the Spanish bank audit results released on Thursday the Eurogroup head Jean-Claude Juncker strongly urged the country to present its official request for bank aid by Monday, despite the fact that initially Spanish Economy Minister Luis de Guindos described it as just a formality. After the misunderstanding was cleared up, it was agreed that the request will be put forward as soon as possible, by Monday at the latest.

The Eurogroup confirmed that the recapitalization money for Spanish banks will come from the EFSF bailout fund and that the exact amount will be determined during negotiations which will be held in the next two-three weeks. Once Spain officially asks for assistance the Troika inspectors will be able to visit the country to supervise the recapitalization process.

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