Spain Is Going to Ask for a Big Bailout, Just Not Yet
In a conference call on Saturday, Spain's finance minister indicated they will be asking for a bailout from the other Eurozone countries that could amount to €100 billion.
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Spain discussed the bailout with 17 Eurozone finance ministers in an effort to try and save the country's failing banking sector. The plan right now is to wait for the results of two separate audits that will determine how much exactly the country needs to save its banking sector. The results aren't expected to be in until the end of June, but there's still a chance a request for a bailout could come before that. The €100 billion ($125 billion) price tag is the worst case scenario for Spain. It could be much lower.
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Reuters reports the IMF's role in the bailout was a sticking point during the conference call. It was eventually decided that the IMF wouldn't contribute to the financials of the bailous, but they would help oversee the reform process of Spain's broken banking system.
