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Treasury Secretary Geithner Welcomes Eurozone, Spain Action on Banks

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Euro Steady As Eurozone Banking Union Becomes A Reality

US Treasury Secretary Timothy Geithner commented on Saturday's action by the Eurozone and Spain: "We welcome Spain's action to recapitalize its banking system and the commitment by its European partners to provide support. These are important for the health of Spain's economy and as concrete steps on the path to financial union, which is vital to the resilience of the euro area."

Spain's Economy Minister Luis de Guindos said Spain would make a formal request for assistance. That request will reportedly come before the June 21 Eurogroup meeting.

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