Spain: Yep, We Need a Bailout

Spain made it official today: The nation's beleaguered banking system needs a cash infusion from the European Union, the Wall Street Journal reports. Finance Minister Luis de Guindos named no price, saying two independent firms will dig through the country's banks and formulate a number. But in a conference call early today, European finance ministers offered up to $125 billion. "That figure is mostly for the markets and doesn't mean that the actual disbursements have to be that much," said one official. (See why Reuters calls it "bailout lite.")