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. Jean-Claude Juncker, the head of the eurogroup, said that Spain would make a formal request for financial assistance before next Monday. He was speaking at a eurozone finance ministers meeting in Luxembourg which will discuss the bailout. The head of the International Monetary Fund (IMF), Christine Lagarde, who was also at the meeting, said eurozone countries must tie their economies together much more closely, if they wanted to tackle the crisis. Ms Lagarde said: "The IMF believes that a determined and forceful move towards a complete European monetary union should be reaffirmed in order to restore faith in the system. Because as we see it at the moment, the viability of the European monetary system is questioned." She also said that the IMF, the European Union and the ECB - the so-called "troika" overseeing Greece's bailout - will send representatives to Greece on Monday to review the country's progress in reforming its budget.