A plea for help from Spain

A plea for help from Spain.

As expected, on Saturday Economy Minister Luis de Guindos asks for help to shore up Spain's banking sector.

(SOUNDBITE) (Spanish) ECONOMY MINISTER LUIS DE GUINDOS SAYING:

"The Spanish government declares its intention to request European financing for the recapitalization of Spanish banks that need it. "

Euro zone finance ministers agreed on Saturday to lend Spain up to 100 billion euros to shore up its teetering bank.

German Finance Minister Wolfgang Schaeuble praised Spain for its decision to seek aid from its euro zone partners

(SOUNDBITE) (German) GERMAN FINANCE MINISTER, WOLFGANG SCHAEUBLE, SAYING:

"The message to Spain is the same as to everyone else. We all stand together in solidarity. Everybody has to solve their problems. We have the necessary instruments. They are available, but the conditions are that the problems being faced by those particular countries are then dealt with. All in all regarding its financial and economic policies, Spain is doing the right thing but the banking sector in Spain needs an increased extra injection of capital and at the moment Spain - in light of the increased interest rates, cannot afford this."

Spain did not specify the precise amount it will need and is awaiting the assessment of the banking sector's capital needs some time before June 21.

Deborah Lutterbeck, Reuters