IMF Report Will Say Spanish Banks Need A $50 Billion Bailout

Cash

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According to Reuters, the IMF will report next Monday that Spanish banks will need a cash injection of $40 billion euros, or $50 million dollars.Along with the $50 billion cash injection, the IMF will state that over $110 billion overall will be needed to clean up the banking sector.

A source told Reuters this:

“The capital shortfall for the Spanish banks will be around 40 billion euros after taking into account the capacity from some of the entities to cover expected losses with their own resources,”

We will have more on the report once it comes out on Monday, but the IMF is expected to suggest a pretty hefty bailout for the troubled Spanish banks.

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