(Reuters) – Spain’s medium-term borrowing costs spiraled to a euro-era record on Thursday and independent auditors said Spanish banks may need up to 62 billion euros ($78 billion) in extra capital, to be filled mostly by a euro zone bailout.
Euro zone finance ministers met in Luxembourg to discuss how to channel up to 100 billion euros ($126 billion) in rescue aid to Spanish lenders weighed down by bad debts from a burst property bubble.
Many in the markets see the package as a mere prelude to a full program for the Spanish state, which Madrid vehemently denies it will need.
“We have already started working on the design of the aid with the Commission, the European Central Bank and the International Monetary Fund,” Spanish Economy Minister Luis de Guindos told reporters as he arrived for the talks. “We will present the request in the next few days.”
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Is it me, or is the complete lack of a sense of urgency the most worrisome part of this ugly theater?
the countrys failing, humm lets finish this after lunch.