Spain makes formal request for EU funds to recapitalize ailing banks

Spain has formally requested aid for its ailing banking sector on Monday. 36.5 billion euros of bailout funds, including 2.5 billion euros for the “bad bank”, are due to be released on December 12. Four nationalized Spanish banks will be the recipients of the funds: 18 billion will go to Bankia;…

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Spain makes formal request for EU funds to recapitalize ailing banks

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