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And a Fox News alert just a short time ago Spain agreeing to accept a bailout for its troubled banking sector it's now.
The fourth and largest nation in the Euro -- to pursue outside help Spain making that announcement today after desperate calls from world leaders and recommendations from European finance ministers many fear that is Spanish banks fail.
Panic could spread quickly overseas especially here at home Greg Burke streaming live from Rome Greg.
Hey Greg that's right you know Spain is the fourth largest economy in the Euro -- if Spain is in trouble.
It means problems for Europe Spain finally admitting.
That it does need help now -- insisting.
It it is not a bailout they don't like the word bailout they don't like the word rescue but call it whatever you want it is going to be a massive loan.
Alone under very favorably -- conditions to help the banking sector.
But it is a problem it's very humbling for Spain to put itself in the same club is Portugal Ireland and Greece those other countries which have already asked for bail outs now Spain's main problem is the banking sector.
That comes from 2008.
Real estate bust Spain had been growing like mad.
And then it all fell apart leaving so many banks are with bad loans a lot of fear from the people -- that they were gonna lose their money.
In those banks obviously a major problem there on the street in -- they're trying to keep things calm and finally Greg.
Interesting this is important as you mentioned for the global economy they reaction from the US was very quick treasury.
Secretary Geithner saying he welcomed this recapitalization of the Spanish banks it's going to be an interesting week ahead to see how the markets react.
To this plan for -- and also just a week from Sunday elections in Greece to see how Greece is gonna do but Spain obviously.
Much more important country Europe could do without -- it can't do without Spain Greg.
Greg Burke live in Rome Greg thanks very much.
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