Fox News
Expand
Browse All Video
Watch Live

You're watching...

Bailout for Spain inevitable?

Details

  • Description

    A look at nation's economic situation

  • Duration 1:33
  • Date

Clips

Also in this playlist...

Latest World

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

Spain's banks have been in trouble for years in the situation has reached a point at which the country could be in need of a bailout.

And while the government has long insisted that for all its problems -- would manage on its own.

That confidence appears to be crumbling.

Spain Euro zone's fourth largest economy may be embarrassed to find itself in the same league as Greece Ireland and Portugal.

All of whom have received a helping hand from Europe.

But a bailout of some form seems almost inevitable at this point.

It would say that that Spain will get some money tool.

Have they -- its banks but it's still unclear what form this when he would come whether it but it will be led directly to bonds or whether it would go to.

Within this sovereign government.

A report from the International Monetary Fund detailing the Spanish banking situation is due out next week.

But initial estimates show that Spain will need at least forty billion euros or well over fifty billion dollars to prop up its ailing banks.

Long considered too big to fail.

Spain now finds itself in need of what analysts are calling a soft bail out.

While there's been lots of attention over the last couple of weeks on Spain and with good reason given the size of the economy.

That will be shifting shortly to Greece which holds elections in just over a week.

While it's true that the eurozone could survive without -- the ripple effect of a Greek exit would certainly be rough in Dublin -- and here in Madrid.

We -- guaranteed that there wouldn't be other countries following Greece out.

In Madrid Greg Burke Fox News.

Load More