Audit Reveals Spain Needs 59.3 Billion Euros

The Euro dropped to a 3-week low after the open of trading on Monday when an audit of Spain's banks failed to alleviate concerns about the country's progress towards a much needed bailout.

Investors are also waiting on the outcome of a new review of Spain's sovereign rating from Moody's, a move which may see it downgraded to junk status.

Another independent audit released on Friday had shown that the Spanish banking sector would need at least 59.3 billion Euros in additional funds to cope with its economic woes. Spain responded by saying it would only ask for 40 billion Euros to aid its banks.