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Spain formally requests a bailout (BBC)

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Countries in the EU have agreed to lend Spain up to 100 billion euros ($125 billion). Independent audits said the banks would need up to 62 billion euros to stabilize. “Restructuring the banking sector is key to reinforce the confidence in the Spanish economy and to restore the conditions to proper access to credit by companies and households, thus for sustaining the recovery,” said Olli Rehn, European commissioner for economic and monetary affairs. The funds will come from the state-backed Fund for Orderly Bank Restructuring. Spain plans to sign a memorandum of understand for the package by July 9, which will include details as exactly how much would be borrowed.