Spain to officially ask for European aid this week

The Spanish government said Tuesday it would, during this week, formally request for European aid to help salvage its financial sector. Official TV quoted government sources as saying the government would determine in the coming few days the exact value of financial aid needed to restructure the banking sector. The government, added the sources, would also explain how it would distribute aid on Spanish banks and their impacts on Spanish citizens and national economy. The sources were reacting to German chancellor Agnela Merkel who asked the Spanish government, during the G20 summit in Mexico, to officially request the financial aid from its European partners. Spain, on June 9, announced plans to seek European aid to restructure its financial sector. Members of the Eurogroup agreed to offer up to 100 billion euros in aid.