The Spanish government finally made the formal request on Monday for financial aid from the Eurogroup in order to rescue its troubled banking sector.

Following pressure from German Chancellor Angela Merkel and the international organizations, the Ministry for Economy sent the letter addressed to the Eurogroup this morning, in which Spain requests financial aid for the recapitalization of the Spanish financial entities that will require it.

Finance Minister Luis de Guindos, the sender of the letter, has finally complied with the formalities that much of Europe has asked for and made the formal request to the president of the Eurogroup, Jean-Claude Juncker.

“I have the honour to address you in the name of the Government of Spain to make a formal request for financial help for the recapitalization of Spanish financial institutions that may require it,” the letter said.

Final amount set later

In the letter, De Guindos also said the final amount of the financial assistance would be set at a later stage. It should be enough, it stated, to cover all banks’ needs plus an additional security buffer.

He also confirmed his intention to sign an agreement for the package, which would include full details, by July 9.

A team from the European Commission will travel to Madrid “very soon” in order to start the negotiations for the agreement, said Amadeu Altafaj, the commission’s spokesperson for economic affairs, in a press conference on Monday.

The agreement, formally called a Memorandum of Understanding, will include the conditions for the loan that the Spanish government will receive.

This article was translated and edited by Stina Lunden.