Authors: Jeanette Torres
(MADRID) -- Deep worries about Europe's financial crisis are expected to ease somewhat following the announcement last weekend that Spain's banks would receive a multi-billion dollar bailout.
Similar to what happened in the U.S. four years ago, the Spanish banking sector was in a deep hole because the bottom had dropped out of that country's housing market.
Luis de Guindos, Spain's finance minister, insisted that the bailout from Europe, figuring to be around $125 billion, would not come with any austerity measures.
The move comes just a week before crucial elections in Greece that will decide whether the country exits from the euro, the troubled single currency shared by 17 nations.
Spain is the fourth EU nation after Portugal, Ireland and Greece getting bailed out by the continent. World markets are expected to act favorably upon the news of the monetary boost to Spanish banks.
Copyright 2012 ABC News Radio