Report: Spain requests €100bn for its banks

It has been reported that Spain has formally requested up to €100bn in financial assistance for its banking sector.

The Reuters news agency has said the Spanish Finance Minister has written to the head of the Eurogroup, Jean Claude Juncker, confirming his government's intention to sign off on the bailout deal.

Luis de Guindos said the final amount of assistance would be agreed at a later date.

The report said the Spanish government was set to sign a Memorandum of Understanding for the package within a fortnight.