Spain's Economy Minister Luis de Guindos was very honest in his statement that their country is the latest one to fall into Europe's debt crisis which first broke out two years ago.
"The government declares its intention to solicit outside financing," De Guindos announced to reporters during a news conference in Madrid.
There was no amount said as to exactly how much Spain needed. De Guindos simply declared that they are seeking a financial assistance package, and no mention of the word "bailout" was said.
Moreover, De Guindos told reporters that the money that Spain will receive will be used to raise financial markets independently. It will primarily be channeled to banks in the country which are deeply indebted due to real estate loans.
He further expresses that the reason for the financial assistance request is that Spain fears that their banking sector could tip the country's economy, and possibly destabilize the Euro-Zone.