Spain's Economy Minister Says Country Will Seek European Bailout

iStockphoto/Thinkstock(NEW YORK) -- Spain's Economy Minister said in a press conference on Saturday that the country will seek a European bailout for its banks, Bloomberg News reports.

Luis de Guindos said that the aid provided will be on much more favorable terms than what would presently be possible in financial markets. He also said that euro-region finance ministers would announce the amount of funding provided, but did not say when. Spain is asking for as much as 100 billion euros, the news agency said.

Guindos said the bailout is not a "rescue" and that banks receiving aid will have to submit to conditions, according to Bloomberg.

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