Spain's leader has hailed a eurozone lifeline of up to 100 billion euros ($125 billion) to save its stricken banks
as a victory for his nation and for Europe.

Despite flatly denying any need for a rescue just 13 days earlier, Prime Minister Mariano Rajoy insisted Madrid had not caved in - instead he had been pressuring for the aid.

After an emergency video conference on Saturday, the 17 eurozone finance ministers said in a statement they they were "willing to respond favourably" to a Spanish plea for help.

"I am very satisfied, I think we have taken a very decisive step," Rajoy, who had been criticised in the media for failing to appear earlier, told a news conference.

"Yesterday, the credibility of the euro won, its future, and the European Union," the prime minister argued.