Spain to formally request eurozone bank aid on Monday

Spain will formally request eurozone aid for its stricken banks on Monday, Spanish Finance Minister Luis De Guindos said on Friday. "We will submit next Monday the letter with the formal request for aid," he said after two days of talks with European counterparts in Luxembourg. Eurozone partners had asked that the request be made by Monday. The written request is not expected to spell out a figure for loans, but the Spanish minister said "what is important" is the conditions that will be imposed on the banks in return for the aid. Spain said on Thursday that its crisis-torn banks need up to 62 billion euros ($78 billion) to survive a severe financial slump, far less than the maximum 100 billion euros that has been offered by the Eurogroup.