Spain has formally requested financial support from its partners in the eurozone to

bail out

its troubled banks. The Finance Minister Luis de Guindos told a news conference that the support would be in the form of a favourable loan. The BBC Madrid correspondent says Spain is under pressure to act quickly.

The Spanish bailout request has been broadly welcomed. The president of the European Commission, Jose Manuel Barroso, said he was confident that through bank restructuring and other ongoing reforms Spain could regain investor confidence and return to growth. The head of the International Monetary Fund, Christine Lagarde, said the bailout was big enough to restore

credibility

to Spain's banking system. Matthew Price reports from Brussels.

The Eurogroup issued a statement saying they supported Spain's efforts to structure its financial system, and they welcomed Madrid's intention to seek financial assistance to help bail out its banking sector. The financial assistance - it's now clear - would come from Europe's

temporary

bailout fund; and after its permanent mechanism is set up in July, from that as well, up to 100bn could be provided. The Eurogroup says it will be up to the European Commission along with other international organisations to decide what Madrid must do in return for the assistance.

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