Debt crisis: Spain on verge of €100bn bailout as euro finance ministers hold emergency talks As of Saturday afternoon, Spain had not asked for help - "but we want to prepare if the call comes," said a spokesman for Luxembourg's prime minister Jean-Claude Juncker, who chairs the meetings of eurozone finance ministers Spain has come under pressure from the European Central Bank, Germany and Netherlands to move before Greek elections on 17 June, amid fears that political chaos in Greece and the weakness of Spanish banks could threaten the euro's financial stability. "There is a need to ensure that the euro-area is properly ringfenced and protected from possible Greek fallout and that means strengthening Spain's banks," said an official. Pressure for eurozone action to stem the escalating crisis was increased by a warning from Moody's overnight that Spain's need for help to refinance its banks and an exit from the euro by Greece could lead to additional credit rating downgrades for the region. EU sources have indicated that the final deal is unlikely to be agreed until the June 21 meeting of eurogroup of finance ministers in Luxembourg. While Spain, which is regarded by the EU as on track with its economic policies, will escape an unpopular and intrusive troika programme, it will not escape having the EU aid added to its national balance sheet, compounding its fiscal problems. On Friday, US President Barack Obama demanded European leaders act "right now" in an impatient and forceful message.