SPAIN will become the fourth eurozone country to be bailed out when it officially asks for financial assistance on Saturday.
An emergency summit will be held between the 17 member states to finalise the details of the rescue package, which rating agency Fitch claims will cost €60 billion.
It comes after Fitch slashed Spain’s credit rating by three notches on Thursday, leaving it just above junk status.
Details of the deal to bailout Europe’s fourth biggest economy are expected to be announced shortly after the conference call, despite Spanish officials denying a deal is imminent.
Prime Minister Mariano Rajoy has come under increasing pressure from European leaders to seek financial help for its banking sector, which has suffered heavily with debts linked to the failed property market.
“The government of Spain has realised the seriousness of their problem,” said a senior German official.