Spain to ask for EU aid

Spain to ask for help from European institutions to shore up its financial system. The country has been trying to recapitalize its banks with limited public funds.Spanish Treasury Minister Cristobal Montoro said on Tuesday that it's difficult for the country to raise funds in the market with interest rates on its bonds now above 6 percent.

Montoro then hinted that Spain may seek help from the bailout funds set up by eurozone members.
He said the key to successful reform of Spain's banks lies in the hands of European institutions.