Spanish banks need 50 billion euros

Spanish banks need 50 billion euros < Spanish news  "Credit rating agency Moody's put a 50-billion-euro ($69-billion) price tag Monday on the recapitalising of Spanish banks hit by the property market collapse.
And it said the level of banks' exposure to the real estate sector damages their creditworthiness.
The Moody's Investors Service estimate is far higher than the 20-billion-euro maximum that the government says would be required to rebuild banking balance sheets.
Spain's government this month approved stricter rules on the amount of rock-solid core capital that banks must hold on their balance sheets so as to shore up confidence in the battered economy.
Spain's savings banks are weighed down by loans that turned sour after the collapse of a housing bubble in 2008 and are at the heart of fears the country could need an Irish-style international rescue."

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