International Monetary Fund (IMF) inspectors are to arrive in Madrid on Monday where they will begin an 11-day inspection of the Spain's financial sector as part of the bank bailout agreed to last June.

The IMF's goal is to present a report to Brussels on the state of the banks' recapitalisation plan. The EU has promised to give Spain a €100bn bailout towards this end, although an independent report by Oliver Wyman carried out at the request of the Spanish government identified only €60bn in capital needs.

Worth highlighting, this inspection will only be dealing with the country's banks and not its progress on austerity measure implementation.

Spanish Prime Minister Mariano Rajoy has yet to place a formal request financial assistance for the country as a whole, but weekend reports citing Eurozone officials say that this may come in November.

MG

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