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June 9th, 2012 
FAKE NEWS for the Zionist agenda “The Spanish government declares its intention to request European financing for the recapitalization of those banks that need it,” Spanish Economy Minister Luis de Guindos said at a press conference after the videoconference.
The loan, to be delivered via an existing bailout fund called the FROB, is meant to end the economic crisis in Spain and prevent devaluation of the euro.
The Fondo de reestructuracion ordenada bancaria (FROB), known in English as the Fund for Orderly Bank Restructuring (FOBR), is a banking bailout and reconstruction program initiated by the Spanish government in June 2009.
A new report by the International Monetary Fund estimated Madrid will need $50 billion to save its distressed banking sector.
De Guindos did not specify the amount but stated that Spain would request enough money for recapitalization, plus a safety margin.
The decision is seen as a U-turn in policy by Spanish Prime Minister Mariano Rajoy, who had firmly ruled out the need for a bailout for the country’s banking sector.
Spain has been under pressure to shore up its banking sector before the parliamentary elections in Greece.
There are growing concerns that the outcome of the Greek polls could lead to the country’s exit from the eurozone and further destabilize the euro.
MRS/HGL
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