Spain will seek a European bailout for its banks, Economy Minister Luis de Guindos told a press conference in Madrid today, following a conference call of euro- area finance ministers.

Guindos said the aid to Spain will be provided on terms “much more favorable” than what currently would be possible in the financial markets. The amount of funding being provided will be announced by euro-region finance ministers, Guindos said, without specifying when.

The aid won’t carry any macro-economic or fiscal conditions, he said. Banks getting aid will have to submit to conditions, he said.

This is not a “rescue,” he said.

Reports by consultants analyzing the status of Spain’s banks will be published this month, he said.

To contact the reporter on this story: Dick Schumacher in London at dschumacher@bloomberg.net

To contact the editor responsible for this story: Dick Schumacher at dschumacher@bloomberg.net