Spain set to seek bailout this weekend

Spain is expected to ask the eurozone for help with recapitalising its banks this weekend, sources in Brussels and Berlin said yesterday, becoming the fourth country to seek assistance since Europe’s debt crisis began.

Five senior EU and German officials said deputy finance ministers from the single currency area would hold a conference call this morning to discuss a Spanish request for aid, although no figure for the assistance has yet been fixed.

Later the Eurogroup, which consists of the eurozone’s 17 finance ministers, will hold a separate call to discuss approving the request, the sources said.