The eurozone nations have sealed a deal to provide rescue loans up to 100 billion euro ($122 billion) to Spain’s ailing banks amid speculation that debt-laden Spanish government may also eventually seek a bail-out.
Finance Ministers of the 17-nation euro group finalised the details of financial support for Spanish banks in a video conference on Friday, a day after the German parliament endorsed the rescue plan with a large majority.
They shared the view that “providing a loan to Spain for the purpose of recapitalisation of financial institutions is warranted to safeguard the stability of the euro area as a whole,” Luxembourg’s Prime Minister and president of the euro group Jean-Claude Juncker said after their conference. The Spanish government “will undertake full guarantee for the financial assistance”, he said in a statement.
Read more: The Hindu : Business / Economy : Euro nations seal euro 100 B ($122 billion) bail-out deal for Spanish banks
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