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Spain to accept European economic bailout

Struggling nation is offered aid of up to $125 billion

By Annie Lowrey and Paul Geitner

 |  New York Times  

  June 10, 2012

Spain agreed on Saturday to accept a European bailout to try to stabilize its cash-starved banks, after increasingly desperate calls from world leaders to accept the money before Greek elections next week that they fear could cause havoc in the markets. European ministers offered Spain up to 100 billion euros, or $125 billion, on Saturday according to a eurozone official speaking on the condition of anonymity, but Spanish officials did not indicate how much they would accept.

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