IMF : 40 Billion Euros Needed To Fix Spain’s Banks – 9 June 2012

The International Monetary Fund is estimating that Spanish banks need at least a euro40 billion ($49.87 billion) capital injection following a stress test it performed on the country’s financial sector.

The lending institution said Friday that Spain’s financial sector is well managed but vulnerable. It recommended that banks raise capital by an additional unspecified amount beyond the euro40 billion to properly restructure troubled banks, noting that the country should be prepared for further bank losses.

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