Spain's banks need up to 62bn euros in extra funding

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An independent audit of Spain's banks has found that they will need up to 62bn euros (£50bn) in extra funding.

European authorities had already agreed to provide up to 100bn euros ahead of assessments of the banks' needs.

Earlier, Spanish finance minister Luis De Guindos said his country would officially ask for the aid for its stricken banks "in the coming days".

He was speaking at a eurozone finance ministers meeting in Luxembourg which will discuss the bailout.

Katya Adler reports from Madrid.

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