Spain’s Prime Minister Mariano Rajoy is appearing in parliament to explain the conditions European Union partners have demanded in exchange for an emergency bailout of Spain's troubled banks, AP reports.

He is also likely to announce new austerity measures demanded as part of the deal.

Spain's 16 eurozone partners agreed to make up to €100 billion ($122.9 billion) available in a rescue package for Spanish banks laden with toxic assets following the bursting or a real estate bubble with the onset of the international financial crisis in 2008.

Rajoy has already approved a series of tough financial and labor reforms since taking office last December. New measures being studied include a raise in taxes on goods and an increase in working hours and the scrapping of a customary Christmas payment for civil servants.