Spain has put in a formal request for a bailout from its European neighbours, which could amount to around €100 billion (approximately £80 billion).
In an official letter, Luis De Guindos, the country’s economy minister, asked Jean-Claude Juncker, Eurogroup chairman, to go ahead with beginning the complicated process in determining the requirements needed for the loan.
The amount quoted above is speculative as Mr Guindos made no reference to actual figures in his letter, although independent auditors said earlier this week that Spanish banks would need approximately €62 billion (£50 billion) to stabilise the banks.
The letter appeared conciliatory, with the finance expert stating that the country will be keen to work with member states on devising the criteria of the loan, formulating the conditions that determine repayments, and assisting in the legal side.
This news will no doubt be of interest to professionals moving to Spain, as the bailout will usher in a new era of financial restraint. However, that is not to say it will hinder opportunities for growth, far from it.
Politicians like Germany’s chancellor Angela Merkel are of the opinion that such measures of austerity are essential for securing the future of the eurozone.
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