Spainhas officially requested for European aid of up to Euro 100 billion for its banks, according to an Economy Ministry statement. In a letter to the Eurogroup Chairman Jean-Claude Juncker, the Economy Minister ofSpain, Luis De Guindos, has stated that the final amount of the financial assistance would be set at a later stage but should be sufficient to cover all the needs of the banks' plus provide for an additional security buffer.
Guindos has also confirmed his intent to sign a detailed Memorandum of Understanding (MOU) for the amount received. The MOU will be signed by 9 July 2012.