Spain to reveal size of bank bailout July 9

The Stock Exchange main display is reflected on a Bankia sign in Madrid, Monday, May 28, 2012. Shares in Spanish bank Bankia, one of the banks hardest hit by Spain's real estate collapse over the past four years, fell 28 per cent on opening in Madrid on Monday, the bank's first day back on the stock exchange following its announcement Friday that it would need Euro 19 billion ($23.8 billion) bailout to bolster its defenses.(AP Photo/Daniel Ochoa de Olza)
Daniel Ochoa de Olza

(AP) MADRID - Spain says the size of the bank bailout it requests from the other eurozone countries will be determined and published July 9.

Economy Minister Luis de Guindos says that on that day Spain and its single currency partners will reach agreement on the terms of the loan, such as the interest rate. He estimated the rate would be around 3-4 percent.

De Guindos spoke in Luxembourg after a meeting with other eurozone ministers. He said a letter formally requesting the loan will be delivered Monday but it will be only two paragraphs long, with no mention of terms or amount.

A day earlier, independent auditors estimated Spain's troubled bank sector would need up to 62 billion euro in new money to survive a severe economic downturn.