The board of directors of Spain's troubled bank, Bankia SA, has said it has agreed to ask for $23.8bn in state funds.<br /><br />In a statement released late Friday the bank's president, Jose Ignacio Goirigolzarri said the recapitalization "reinforced the solvency, liquidity and solidity of the bank".<br /><br />The decision came on the same day as credit rating agency Standard & Poor's downgraded Bankia and four other Spanish banks to junk status because of uncertainty over restructuring and recapitalization plans.<br /><br />Nadim Baba reports.
