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Spanish banks require $76.3 billion of euro zone loans

  • Spain's banks require an injection of $76.3 billion in order to weather a serious downturn, according to an independent audit released on Friday.

    The amount is in line with market expectations and follows stress tests of 14 Spanish lenders.

    A bulk of the money is expected to come from the euro zone rescue funds, the current EFSF and the future ESM.

    The country’s banking sector has been in trouble since the global financial crisis of 2008 and the subsequent burst of the property bubble and a deep recession.