Spanish to ask for bailout?

Some members of the Eurozone caused panic amongst global investors by asking for bailout funds but with Spain the concern is that they haven't cried for help.

Eurozone ministers will meet at a summit in Luxembourg today to discuss Spain and closer economic and banking cooperation.

The machinery is in place to aid any country in trouble, through a bond buying programme designed to drive down that country's cost of borrowing but it will only activate if the area in trouble requests assistance. The Spanish banking system is in a grim state through the collapse in Spanish housing values but the Government still haven't stepped forward to borrow from the central emergency purse.

It does come with conditions though and will only increase the austerity programme that is hugely unpopular in all the countries that have instigated one and may be thought of as short term political suicide.