Spain could decide within days or weeks to ask for a bailout for its troubled banking sector, a step that would make it the fourth country in the 17-member eurozone to seek help since the EU debt crisis broke out.
Deputy Prime Minister Soraya Sáenz de Santamara said the government would not act until it receives a raft of reports on how much money Spain needs to save its banks from collapsing under the weight of soured real estate investments.
An International Monetary Fund report is expected Monday, with two independent auditor surveys due by June 21. She said no decision on a bailout was made at Friday's cabinet meeting.
"Once the estimates of the numbers are known with regard to what the financial sector might need, the government will state its position," she said. "But in any case, I am telling you that no decision has been made either way."
Sáenz de Santamara declined to say how much the sector, hit by the collapse of the country's real estate bubble, might need. Estimates of the cost of bailing out Spain's banks vary greatly, from 40 billion euros ($49.87 billion) to as much as 100 billon.
Read more: Spain awaiting reports on size of bank bailout it needs - Winnipeg Free Press
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