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Spain Officially Asks For Bailout Funds‚ Cyprus Seeks Aid‚ And Greece's Finance Minister Resigns

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2012-06-26

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It's official-- Spain has formally requested a bailout package for its troubled banks.
To cover all the banks needs‚ Spain has asked for a hundred billion euros or about 125 billion U.S. dollars.
A European Union official says that amount is enough to help Spain's recovery process.
[Interview : Amadeu Altafaj‚ Spokesperson for EU Commissioner] "Restructuring the banking sector is key to reinforce the confidence in the Spanish economy and to restore the conditions to proper access to credit by companies and households‚ for sustaining the recovery."
The EU‚ however‚ hasn't yet detailed the exact amount it will lend Spain.
Adding to concerns in Europe.
Cyprus has officially requested emergency loans from the EU.
The tiny nation to the south of Greece has become the fifth eurozone country to seek financial aid from the EU's bailout funds.
Cyprus is applying for bailout for its banking sector hit by the crisis in Greece saying it needs at least 1.8 billion eurosby the end of June.
Meanwhile‚ in Greece‚ a potential setback for its new government--
The country's new Finance Minister‚ Vassilis Rapanos‚ has resigned for health reasons.
He had been hospitalized for several days after suffering from acute nausea and dizziness.
His resignation adds to fears that EU leaders may once again not be able to successfully tackle the eurozone debt crisis.
This new development comes ahead of a key meeting of EU leaders at the end of this week in Brussels.
Connie Lee‚ Arirang News.
Reporter : connie@arirang.co.kr

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