The Spanish government on Monday formally asked for a bailout from the European Union to shore up its ailing banking sector.
A formal letter was sent to Eurogroup President Jean-Claude Juncker by Spanish economy minister Luis De Guindos in this regard.
In the letter, Guindos said the Fund for Orderly Bank Restructuring (FROB), acting on behalf of the Government of Spain, will be the institution receiving the funds channeled to the financial institutions.
The Minister said Spain expects to finalize the bailout Memorandum of Understanding on July 9, so that it can be put to discussion at the next Eurogroup meeting.
by RTT Staff Writer
For comments and feedback: firstname.lastname@example.org