SPAIN 4

HOW MUCH FOR THE REAL – ESTATE MELTOWN IN SPAIN ?

SPAIN’S ECONOMY MINISTER LUIS DE GUINDOS SAID FRIDAY THAT SPAIN WILL FORMALLY REQUEST BANK AID ON JUNE 25, AFTER AN INDEPENDENT DUE DILIGENCE FOUND THAT THE SPANISH BANKS NEED UP TO 62 BILLION EUROS IN NEW CAPITAL TO ABSORB LOSSES FOR A REAL-ESTATE MELTOWN AND TO RESTORE STABILITY TO THE COUNTRY’S FINANCIAL SECTOR.

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