Spain: Protesters bang pots and pans against bailout plans

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Spain: Protesters bang pots and pans against bailout plans

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The protesters bang pots and pans to demonstrate against Spain's bailout plan.

10 June,2012 01:35 pm

Members of Spains Indignado movement and supporters gathered in Madrids Puerta del Sol Square on Saturday night to protest against Spains decision to request European assistance to shore up its banking sector.Spain intends to ask for financial help to shore up its banking sector, Economy Minister Luis de Guindos said on Saturday, adding that the countrys bank rescue fund FROB will be the mechanism used to channel funds to lenders.De Guindos said the amounts needed would be manageable, and that the funds requested would amply cover any needs.He added that the figures would be known after an audit of the Spanish banking system being carried out by independent auditors, due later in June.Euro zone finance ministers agreed on Saturday to lend Spain up to 100 billion euros ($125billion).The Eurogroup has been informed that the Spanish authorities will present a formal request shortly and is willing to respond favourably to such a request.The loan amount must cover estimated capital requirements with an additional safety margin, estimated to be up to 100 billion euros in total.Following the formal request, an assessment should be provided by the European Commission, in liaison with the European Central Bank, European Banking Authority and the International Monetary Fund, as well as a proposal for the necessary policy conditionality for the financial sector that shall accompany the assistance.