Eurozone OKs terms of bailout for Spanish banks
Finance ministers from the 17 countries that use the euro unanimously approved Friday the terms for a bailout loan for Spanish banks of up to ?100 billion ($122.9 billion).
The document, signed off by the "eurogroup" of finance ministers following a teleconference Friday, calls for strict monitoring of the banks that receive aid. It also requires the Spanish government to present this month plans to reduce its budget deficit to under 3 percent of gross domestic product by 2014.
"The eurogroup is convinced that the reforms attached to this financial agreement will contribute to ensuring a return of all parts of the Spanish banking sector to soundness and stability," the finance ministers said in a statement.
The agreement calls for an initial disbursement of ?30 billion ($36.9 billion) this month.
The full amount of money needed to shore up Spain's banks will not be known until September, after individual banks have been assessed.
More News
- Apple's Cook faces Senate questions on taxes
- Rome Protest Turns Up Heat On New PM Letta
- How serious is the financial damage in Europe?
- Barroso: France needs credible reform plan
- Fitch upgrades Greece's credit rating
- G7 says Japan playing by currency rules
- Senate Passes Internet Sales Tax Bill
- Senate Votes on Marketplace Fairness Act
- EU Leaders To Look At Energy Costs In Post-Shale World
- 165,000 Jobs Added, Jobless Rate-7.5%
