Spanish Fin Min confirms 37b euros of EU aid

MADRID - Spanish Finance Minister, Luis de Guindos said on Monday that he expects Spanish banks to receive around 37 billion euros (50 billion U.S. dollars) of funds from EU to help with their recapitalization.

"I don't think there are going to be any surprises. The quantity is going to be around 37 billion euros for the nationalized banks," said De Guindos as he arrived at an EU meeting in Brussels over Greece's bailout.

The nationalized banks he referred to are Bankia, Novacaixagalicia, Banco de Valencia and Catalunya Bank, which would receive the aid under the condition to shed around 8,000 jobs over the coming five years.

The money is the first disbursement made to Spain following the government's request of 100 billion euros in June to resolve the problems in its banking sector.

Meanwhile De Guindos also stressed the importance of reaching agreement over Greece.

"Spain will do all it can to ensure there is a deal. It's important we send a clear political message to support the Greek reforms, and that we want a Greece to remain in the euro zone," he said. (1 euro = 1.30 U.S. dollars)