Spain is to ask for a bank bailout from the eurozone, becoming the fourth and largest country to seek help since the single currency bloc's debt crisis erupted.

Spain "declares its intention to request European financing for the recapitalisation of those banks that need it," Luis de Guindos, the economy minister, told a news conference in Madrid on Saturday.

De Guindos said the aid will go to the banking sector only and thus does not come with new austerity conditions attached for the economy in general.

Al Jazeera's Jonah Hull reports from Madrid.