Spain to ask for aid as EU fights debt crisis

By Marc Chandler:Greece has been the model for Portuguese and Irish aid. This may or may not have been fair and appropriate. After all, the nature of the Portuguese and Irish problems were dissimilar from Greece and each other. Spain's is more like Ireland's. The key differences include Spain's size, officials have progressed on a learning curve, and the now perceived greater vulnerability of the whole EMU project.

After months of denials, a short Eurogroup Statement shows Spain will submit a formal request to Brussels for a bailout.  Here is the statement in full. The Eurogroup supports the efforts of the Spanish authorities to resolutely address the restructuring of its financial sector and it welcomes their intention to seek financial assistance from euro area Member States to this effect.

MADRID (Reuters) - Spain on Monday requested formally t

As any clear-thinking person should have expected, Schäuble rejects ECB help for Spain

Spain made a formal request on Monday asking fellow Eurozone countries to help with its crumbling banks -- a financial aid package that could be worth up to 100 billion euros, or about $125 billion.

Spain's struggling banks will receive as much as €100 billion ($123 billion) in emergency loans from European governments under terms of a tentative deal reached early Tuesday by euro zone leaders. The first €30 billion, which will come from the euro zone's rescue fund, could be dispensed by the end of the month, the Financial Times reported. Euro zone leaders decided to recapitalize the banks directly to keep from expanding the Spanish government's balance sheet.

Official Denials From Finance Minister Finance Minister Says "Nothing to Hide" Asks for ECB Audit of Banks, Denies Need for Rescue Fund