Spain's Economy Minister Luis de Guindos, left and Spain's Prime Minister Mariano Rajoy talk during a swearing in ceremony for the new governor of the Bank of Spain Luis Maria Linde, unseen, at the Zarzuela Palace in Madrid Monday June 11, 2012. The current Bank of Spain governor Miguel Fernandez Ordonez is stepping down a month earlier than scheduled. (AP Photo/Angel Diaz,Pool)
Spain's Economy Minister Luis de Guindos, left and Spain's Prime Minister Mariano Rajoy talk during a swearing in ceremony for the new governor of the Bank of Spain Luis Maria Linde, unseen, at the Zarzuela Palace in Madrid Monday June 11, 2012. The current Bank of Spain governor Miguel Fernandez Ordonez is stepping down a month earlier than scheduled. (AP Photo/Angel Diaz,Pool)
MADRID (AP) ? Spain is expected to formally ask its fellow eurozone countries for rescue loans for its troubled banks.
Economy Minister Luis de Guindos said the letter due Monday would not contain a figure for the amount Spain will seek. He said this would be made known July 9.
Two international audits say Spain's banks could need up to ?62 billion ($77.7 billion). Spain's 16 eurozone partners have agreed to make ?100 billion ($125.39 billion) available.
Spain would like the money to go directly to the banks, rather than have the government be responsible for repayment.
Investors worry the government may not get the money back from the banks and have to repay the loans itself. Those concerns pushed Spain's benchmark 10-year borrowing rate up 0.09 percentage points to 6.45 percent.
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