Eurozone mulls Spain bank rescue

Eurozone finance ministers may meet on July 20 to finalise a rescue of Spain's banks, European sources said Wednesday."There is a strong possibility" that the ministers, known as the Eurogroup, will meet on July 20 as "the auditing of four banks isn't finished in Spain," said the sources.Spanish officials said they were negotiating with the European Commission on the details of the rescue and hoped to present a figure for the amount needed when the Eurogroup meets on July 9.However one source said "there are many things on the table for Monday, Greece among them".

BRUSSELS (Reuters) - Euro zone finance officials acknowledged being "in a mess" over Cyprus during a conference call on Wednesday and discussed imposing capital controls to insulate the region from a possible collapse of the Cypriot economy. In detailed notes of the call seen by Reuters, one official described emotions as running "very high", making it difficult to come up with rational solutions, and referred to "open talk in regards of (Cyprus) leaving the euro zone".

Eurozone finance ministers are to hold an emergency conference call on Saturday on aid for banks in Spain, tipped as the fourth and biggest country to need help in Europe's two-year debt crisis.A teleconference of the Eurogroup of finance ministers was planned at 1400 GMT "to agree a declaration on Spain's intention to request aid and the Eurogroup's commitment to granting it," a European government official said.

The economy is going to tank in Cyprus no matter what BRUSSELS — Eurozone finance officials acknowledged being “in a mess” over Cyprus during a conference call on Wednesday and discussed imposing capital controls to insulate the region from a possible collapse of the Cypriot economy. In detailed notes of the call seen by Reuters, one official described emotions as running “very high”, making it difficult to come up with rational solutions, and referred to “open talk in regards of (Cyprus) leaving the eurozone”.