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Spain has decided to request financial assistance from the European Union to help stabilize the country's troubled banking sector.Spanish Economy Minister Luis de Guindos made the request at a news conference in Madrid on Saturday. The announcement followed an emergency teleconference between EU finance ministers.

De Guindos said that Spain had agreed to officially request assistance from the European Financial Stability Facility rescue fund to recapitalize its troubled banks. Spanish government is also burdened by a large fiscal deficit. Its10-year bond yield jumped to nearly 7 percent, making it difficult for the country to raise enough money to bailout its own banks.

Spain is the fourth-largest economy in the EU and follows Greece, Ireland and Portugal in requesting bailout funds. Economic analysts say this indicates how serious the Eurozone debt crisis has become.

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