Spanish banks to be forced to seek bailout
Open Europe, the independent think-tank, is reporting that the Spanish banks may be forced to seek eurozone bailout, on the back of ``increasing exposure of its banks to potentially toxic loans,'' says the article but the think-thanks remarks that ``Spain is not the 'next Greece,' it remains a serious and diverse economy.''
Spanish banks need up to €62 billion in new capital to absorb losses in the coming years, according to two independent analyses that will serve as the basis for a government request for European Union aid to help finance a cleanup of the local sector.