VOICED: Espana oficializa rescate

Mariano Rajoy announced Spain's request for European intervention to rescue its banks, needing 62 billion euros for recapitalization. This move, seen as a national humiliation, will lead to painful measures like VAT increases. The EU will supervise Spain's financial system, affected by a decade of real estate speculation. The Spanish stock market fell, highlighting the need to restore confidence in the Eurozone. Rajoy aims to limit EU intervention to the financial sector, avoiding a broader public finance rescue like in Greece, Ireland, and Portugal.

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