27/06/2012
Spain yesterday formally requested for financial assistance from the European Zone to recapitalize its debt-laden banks giving a signal of falling investors' confidence with European Union (EU) summit taking place on 28 and 29 June, 2012.
Spanish Economy Minister Luis de Guindos asked for financial assistance in a letter to EU officials , saying the final amount of financial assistance would be set at a later stage.
European financial markets, yesterday, witnessed a black day, falling stock markets: Athens 4.5 per cent, Madrid 3 per cent, Milan 3 percent, Paris 2.26 percent, Frankfurt 1.87 percent,and the London Stock Exchange saw a loss of at least 1.01 per cent.
