Catalonia asked for 5 billion Euros from the central authorities

Catalonia became the second Spanish region to tap a national rescue fund after the country’s most- indebted area was shut out of financial markets, suffering the same type of funding squeeze that led Greece, Ireland and Portugal to seek international bailouts, the Bloomberg reports.

Catalonia will seek 5 billion euros ($6.3 billion), almost a third of the 18 billion-euro fund created in July by the government of Prime Minister Mariano Rajoy to help shore up finances in the 17 autonomous regions. Valencia was the first to tap the fund with an unspecified request on July 20.