NEW YORK ( TheStreet) -- Spain is planning to inject billions of dollars into several of its troubled savings banks to calm investors fears that the banks cannot raise additional funds, according to the Wall Street Journal.

The article, which cites unidentified people familiar with the matter, doesn't specify any banks that would receive the funds. The WSJ said the Spanish government's first step would be to issue around ¿3 billion ($4 billion) in debt in the next few days. As much as ¿30 billion ($40.4 billion) could eventually be raised.

The news comes as European banks prepared for a new round of European Union bank stress tests, Spain's Finance Minister Elena Salgado recently said that Spain's financial system is more sound than before, according to the Sydney Morning Herald.

The recapitalization of the banks is not a surprise as Spain's prime minister José Luis Rodríguez Zapatero said the banks would undergo a "second round" of restructuring last week, according to an article by The Financial Times.

All eight major Spanish banks passed European Union bank stress tests conducted in July. The NYSE-listed shares of Banco Santander ( STD), Spain's biggest bank, closed Wednesday at $11.62, up a penny.

--Written by Maria Woehr in New York.

To contact the writer of this article, click here: Maria Woehr.

To follow the writer on Twitter, go to http://twitter.com/newsgirlmw.

To submit a news tip, send an email to: tips@thestreet.com.

If you liked this article you might like

Cramer's 'Mad Money' Recap: A Divided Market

Cramer's 'Mad Money' Recap: A Divided Market

Buffett Offers Spanish Bank Some Extra Life

Buffett Offers Spanish Bank Some Extra Life

Cramer's Top Stock Picks: PVH CAG STD BBY AMZN

Cramer's Top Stock Picks: PVH CAG STD BBY AMZN

Santander Mexico CEO: Expect Some Surprises

Santander Mexico CEO: Expect Some Surprises

Cramer's 'Mad Money' Recap: Looking for an Edge

Cramer's 'Mad Money' Recap: Looking for an Edge