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Eurozone ministers agree 30bn euros for Spanish banks



Eurozone finance ministers have agreed to offer Spain 30bn euros (£24bn; $37bn) to help its troubled banks.

After nine hours of emergency talks in Brussels, the ministers said the money would be available by the end of July.

It was also agreed that a 2013 deadline for Spain to cut its budget deficit to the EU limit of 3% could be extended by one year.

There have been fears that Spain's troubled banks could lead the country to ask for a full state bailout.

The yield on Spanish bonds rose sharply on Monday ahead of the meeting, with many fearing that little concrete action on Spanish banks would be reached.

"There will be specific conditions for specific banks, and the supervision of the financial sector overall will be strengthened," the president of the Eurogroup Jean-Claude Juncker said.

"We are convinced that this conditionality will succeed in addressing the remaining weakness in the Spanish banking sector," he said.

In a news conference at the end of the marathon meeting, a number of appointments were also announced.

The ministers reappointed Mr Juncker as their chairman and picked German Klaus Regling to head the permanent bailout fund, the European Stability Mechanism, due to come into force this month.----

Source: http://www.bbc.co.uk/news/business-18778193


Added: Jul-9-2012 Occurred On: Jul-10-2012
By: MB-UK
In:
Regional News
Tags: euro, crisis, zone, EU, banks, spain, bailout, 30, billion, debt, economy
Location: Spain (load item map)
Views: 1432 | Comments: 4 | Votes: 0 | Favorites: 0 | Shared: 0 | Updates: 0 | Times used in channels: 2
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  • This seems like a banking shell game. Face it, socialism can only work until the other peoples' money runs out. And the clock is ticking.

    Posted Jul-10-2012 By 

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  • Spains banks last year borrowed billions to buy other banks and building societies across europe, we should not bail them out for their greed let them fold.
    No other private company could pay so little in tax and still expect the state to bail them out or more to the point get away with such corruption.

    Posted Jul-10-2012 By 

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  • No worries. Just import another 100k Muslims and their high birth rate will have this paid off in a decade.

    Posted Jul-10-2012 By 

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