Spain's stock market has suffered its biggest one-day fall in two years despite euro zone finance ministers approving a bank bailout.
Euro zone finance ministers approved a deal to lend up to €100 billion to bolster its banks, in return for Spain restructuring and improving the governance and regulation of its banking sector.
The heavily-indebted Valencia region requested an undisclosed loan from a new rescue fund set up last Friday, the BBC reports.
Spain's Ibex stock index tumbled almost 6%, its worst fall in two years. Most bank shares lost about 7%.
The yield on Spanish 10-year bonds shot up a quarter percentage point to 7.28%, a rate regarded by analysts as unsustainable in the long run.
The exact size of the bank bailout loan agreed by ministers will probably only be disclosed in September, when Spain's government gets the results of an audit of its banks.