Spain's Economy Minister Luis de Guindos on Friday confirmed that the country would officially ask for an EU bailout to recapitalize its banks on Monday.

Spain will officially ask for the bailout, or loan as the Spanish government prefers to call it, by officially handing over a letter, said the minister.

The letter, which contains the conditions, duration, quantities and interest rate of the loan, will be handed over on Monday," he said.

"It is the contract that Spain will sign with its partners in which the conditions of the financial aid are established. We are seeing it as much more important than merely handing over a letter, " he said.

Asked whether the EU had requested an increase in sales tax from the current rate of 18 percent, the minister said that the Spanish government would bear the recommendations of its EU partners in mind, but that it would be the cabinet and Prime Minister Rajoy who made the decision.

Raising sales tax would be hugely unpopular in Spain. It would be a further barrier towards the already low levels of private spending in the country and is something that De Guidnos had previously said he would not do in 2012.

Friday saw market pressure ease on Spain, with the risk premium falling to 479.89 points at the close of trading on the IBEX-35 stock market and the interest rate on Spain's 10-year-bond dropping by 6.38 percent.

Spain needs up to 62 billion euros (about $78 billion) of aid to recapitalize its banks, international auditors Oliver Wyman and Roland Berger said Thursday.