Spain's request for as much as 100 billion euros ($125 billion) of European bailout funds may provide the country with enough money to shore up its banking system after three failed attempts in as many years.

"Now that they have this money, it will hopefully finally be possible to recognize all the hidden losses and clean up the system," Luis Garicano, a professor at the London School of Economics, said in a phone interview.

The amount sought is about 2.7 times the funds deemed necessary for Spanish banks by the International Monetary Fund in a report released June 8 and five times the total requested by the Bankia group, the country's third-biggest lender, to cleanse its balance sheet. Spain sought aid for its banks on June 9, becoming the fourth euro member to seek a bailout since the debt crisis began almost three years ago.