Spanish banks require up to $78 billion

  • An independent audit of Spain's banks has found they will need up to $78 billion in extra funding.

    European authorities have already agreed to provide up to $125 billion.

    Speaking at a eurozone finance ministers meeting in Luxembourg, Spanish Finance Minister Luis De Guindos said his country would officially ask for the aid for its ailing banks in the next coming days.

    The estimates of extra funding needed to stabilize Spain's banks came from audits by American firm Oliver Wyman and German firm Roland Berger.

    Their research covered 14 banking groups that make up 90 percent of the country’s banking sector.