Eurozone finance ministers have agreed to a $37 billion bailout for Spain's ailing banks.

Eurogroup President Jean-Claude Juncker said Tuesday the money should be available by the end of the month pending final approval of the deal.

Spain has asked for $125 billion in aid as its borrowing costs have soared. Officials said Tuesday the total amount of the bailout could reach that level, but that the loan agreement requires Spain to implement banking sector reforms.

The ministers also agreed to give Spain an extra year – until 2014 – to cut its budget deficit to the European Union limit of 3 percent.