Europe

Europe: Eurozone finance ministers have agreed to lend Spain up to €100b to shore up its teetering banks and Madrid said it would specify precisely how much it needs once independent audits report in just over a week. Madrid said the amount of the bailout would be sufficiently large to banish any doubts. A bailout for Spain's banks would make it the 4th country to seek assistance since Europe's debt crisis began. With the rescue of Greece, Ireland, Portugal and now Spain, the EU and IMF have now committed ~ €500b to finance European bailouts. Eurozone policymakers are eager to shore up Spain's position before June 17 elections in Greece which could push Athens closer to a eurozone exit and unleash a wave of contagion. Spain's auditors could report back after that date. Nonetheless, analysts said financial markets may be calmed by the announcement when they reopen on Monday.