Spain is to release an audit of its ailing banking system later – in a move that’s widely seen as the final steps towards a full bailout.
Yesterday the government announced 39 billion euro in spending cuts, in an effort to curb the public deficit.
The Eurozone has already agreed to loan Spain up to 100 billion euro for its banking system which is struggling to deal with bad loans, piled up after a 2008 property crash.
So far the markets have reacted positively to yesterday’s budget cuts.
