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Spain to ask for bailout aid

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  • Writer: AFP
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Spain edged closer Wednesday to asking for bailout aid after months of hesitation on the eve of a summit where European Union leaders aim to strengthen the bloc's shaky foundations. 

An EU diplomatic source told AFP that "things are evolving'' and that if Madrid does not ask for help at Thursday and Friday's summit in Brussels, it could do so as early as next week.

This would be the first use of the eurozone's new rescue fund, the European Stability Mechanism (ESM) and would in turn allow the European Central Bank to intervene on the markets, pushing down borrowing costs for Madrid.

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