Spain to Formally Request Aid

    A beggar watches as a worker cleans the glass of a bank in downtown Barcelona Spain, Friday June 22,  2012.  World stock markets fell Friday as gloomy economic reports from the world's two biggest economies heightened fears of a sharper global downturn. In Europe, leaders were set to weigh options for fixing the continent's debt crisis. (AP Photo/Emilio Morenatti)

    Emilio Morenatti / AP Photo

    Spain is set to formally request a bailout for its banks by Monday, Finance Minister Luis de Guindos said. The country needs tens of billions of euros to bolster its beleaguered banks, but Spain has been slow to make a formal request for the funds. Guindos told finance ministers in the 17-member euro zone that they can expect to have his country’s formal request by Monday, calling the process “a mere formality.” Euro-group president Jean-Claude Juncker said Spain needs to “pursue [a] clear and ambitious strategy, which needs to be implemented swiftly and communicated early.” It is not yet known whether Spain’s proposal will include an estimated total of funds needed to salvage its economy.

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