Fellow finance ministers in the 17-nation eurozone accepted the plea in a statement released after an emergency video conference lasting more than two hours."The Spanish government declares its intention to solicit European financial help for the recapitalization of those banks that need it," Economy Minister Luis de Guindos told a news conference.
Successive Spanish governments had vehemently denied they needed any outside aid.
But he has run into controversy since he said in an interview last week that southern European countries blew their money on "drinks and women".
Southern Europeans reacted strongly, with Portugal's prime minister and former Italian premier Matteo Renzi calling for Dijsselbloem, who is also Dutch finance minister, to step down.
That's according to Peter Praet, the European Central Bank's chief economist.
It also sold 13-week bills at a yield of -0.005%, and 6-month bills at -0.006%.
Another sign of investors valuing security over profitability.
Prime Minister Mariano Rajoy's conservative government finally had to bow to rising pressure from world leaders and global markets, which have sent its borrowing costs soaring.
Spain's Economy Minister Luis de Guindos said Tuesday he was not in the running to head up the Eurogroup, whose current chief Jeroen Dijsselbloem is facing calls to resign."I am not a candidate to the presidency of the Eurogroup," he told reporters, without giving further details.
His comments came despite Spanish Prime Minister Mariano Rajoy backing de Guindos as potential head of the group of eurozone finance ministers in an interview published Sunday in several newspapers.