Spain will ask eurozone partners for financial help to support its banking sector, Economy Minister Luis De Guindos told a press conference here on Saturday.

According to the latest report, the Eurogroup will give Spain a bailout up to 100 billion euros (about 125 billion U.S. dollars).

The Spanish minister insisted that those money are not a bailout, but a loan with favorable conditions for the banks. However, all media have labeled this loan as 'bailout'.

This 100 billion euros of loan, as the minister says, will be given to the Fund for Orderly Bank Restructuring (FOBR), which at the same time will provide this funds to those entities needing them.

De Guindos pointed out that this money is to cover recapitalization needs. It will also allow the banks to have a security margin.

He added that conditions will be applied only to the banking and financial system. There will not be new budget cuts.

In this way, the Eurogroup agreed Saturday to accept the request made by Spain for the financial support for its banks.

The decision was taken during a three-hour call conference. Christine Lagarde, managing director of the International Monetary Fund (IMF) also participated in the call conference. The IMF will be in charge of supervising the financial aid plan.

De Guindos highlighted during the press conference that "it is a loan with a very favorable conditions, better than market conditions" and it will be useful for restructuring banks with difficulties.

De Guindos described this aid as a "financial" support and avoid using the word "bailout", saying that this has nothing to do with it. He assured that the amount of money is "high enough" in order to cover capital needs of Spain's banks.

He explained that the use Spain will do with these European funds depends on the results provided by the external audits.

He also specified that this loan from the European Union (EU) was an advantage because credit conditions are "very favorable", taking into account the current situation in the market, where the interest rate is above 6 percent regarding bonds of 10-year lifespan and 5 percent for bonds of two-years lifespan.

He also said the IMF considers that 70 percent of the Spanish banking system is totally solid and the organism will have a very important role, as it will be in charge of supervising this new measure for the Spanish banking system.

Finally, the minister clarified that conditions will be imposed to the banks and there will not be negative consequences for the Spanish society. Banks will suffer less pressure, he said.