(MENAFN- Kuwait News Agency (KUNA)) The 17-member Eurogroup Saturday welcomed Spain's intention to seek financial assistance from the euro area to deal with its banking crisis.
"The Eurogroup has been informed that the Spanish authorities will present a formal request shortly and is willing to respond favourably to such a request," said the group in a statement here tonight.
"The loan amount must cover estimated capital requirements with an additional safety margin, estimated as summing up to 100 billion euro in total, " it noted.
Following the formal request, an assessment should be provided by the European Commission, in liaison with the European Central Bank, the European Banking Association and the International Monetary Fund, it said.
Spain will be the fourth eurozone country after Greece, Ireland and Portugal to ask for financial assistance, a sign that the finacial situation in Europe is getting from bad to worse.
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