Spain Gets €100 Billion to Save Banking System

At Telegraph UK, "Debt crisis: Spain bows to €100bn bank bailout":

Spain paved the way for a €100bn (£81bn) bail-out of its stricken banking sector on Saturday night as European leaders moved to bring a halt to the continued economic malaise hurting the eurozone.

The troubled country – the fourth-largest economy in the eurozone – said it would ask for a capital injection once the full extent of its banking problems were known.

In an early-evening speech in Madrid, finance minister Luis de Guindos said it would request assistance “for those banks that need it”.

He denied that it was a rescue of the Spanish economy as a whole, but rather “financial support” for the banks concerned.

Mr De Guindos said the amount eventually requested would depend on the capital required by banks, plus a “significant margin”. Euro area finance ministers confirmed that the amount could be up to €100bn.

Also at Business Week, "Spain Seeks EU’s Fourth Bailout With $125 Billion Request," and the New York Times, "Spain to Accept Rescue From Europe for Its Ailing Banks."

The news isn't surprising to me. I've been blogging on this for weeks. See: "Europe on the Brink of Collapse."