Spanish banks need up to 62bn euros

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. That meeting was one of a number of developments on Thursday: Eurozone finance ministers are discussing ways to help Spain and Greece in the short term and possible measures to secure the eurozone long-term It will consider whether to ease Greece's austerity terms, on the day its new cabinet was announced Spain had to pay a record amount to borrow on the open markets, a sign of greater concerns about its finances And an economic survey showed that the debt crisis was continuing to depress economic activity, even in Germany