Euro zone finance ministers approve Spanish bank package

Euro zone finance ministers gave final approval to a bank bailout for Spain of as much as €100 billion.

20th July, 2012
Euro zone finance ministers approve Spanish bank package
Spanish miners protest against government budget cuts in Madrid earlier this week.

Euro zone finance ministers gave final approval to a bank bailout for Spain of as much as €100 billion.

Today’s decision, made on a conference call, paves the way for a first payment from Europe’s temporary rescue fund, the European Financial Stability Facility. The EFSF can now raise €30 billion, including a €10 billion “longer-term prudential cushion,” to be held in reserve and available in emergencies, according to a draft of today’s agreement. Banks will...

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