Spain requests 39.5 billion euros in EU Aid for banking sector

Spain on Monday made a formal request for 39.5 billion euros (51 billion dollars) in eurozone aid for its troubled banking sector, the government said. The EU last week approved restructuring plans for four nationalized banks. The aid package includes nearly 18 billion euros for Bankia, 9 billion for Catalunya Banc, 5.4 billion for Novagalicia Banco and 4.5 billion euros for Banco de Valencia. According to dpa, the request is expected to be approved at a meeting of eurozone finance ministers in Brussels on Monday. In addition, Spain is seeking 2.5 billion euros for Sareb, a "bad bank" which has been created for Spanish banks' toxic real estate assets. The government said it expected the funds to arrive around December 12.