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Spanish banks need 60 billion euros
The euro symbol is reflected in a puddle in front of the European Central Bank in Frankfurt, Germany: Eurozone leaders meet in Brussels Thursday to decide the monetary system's fate.
The euro symbol is reflected in a puddle in front of the European Central Bank in Frankfurt, Germany: Eurozone leaders meet in Brussels Thursday to decide the monetary system's fate.
Uwe Zucchi/dpa/Corbis
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pain's 14 biggest banks may need as much as 60 billion euros in capital to remain solvent, according to an independent analysis released on Friday. The results of the so-called "stress test" fell within investor expectations, and pave the way for the European Union to release emergency loans to Spanish banks. Weakness in Spain's banking sector has only exacerbated fiscal problems in the country, which is currently struggling with a massive debt burden that has made its borrowing costs perilously expensive. The Spanish government this week unveiled tough new austerity measures to close the hole in its budget deficit, which sparked protests across the country.

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