The European Commission has asked Spain to delay by another week the plans to create a "bad bank" so that experts in Brussels can review the project, the government in Madrid said.
The plan was initially scheduled to be approved at today's Cabinet meeting, but will now be cleared at the next ministers' meeting on August 31, Deputy Prime Minister Soraya Saenz de Santamaria said.
Spain must create the "bad bank" as a condition for accessing a loan of up to €100bn from the 16 other countries using the euro to fix its troubled banks.
The banks, eight of which have been nationalised, are loaded with more than €176bn in bad real estate loans and other investments following the collapse of the property market in 2008.
Read more: European Commission calls on Spain to delay 'bad bank' plans | Irish Examiner
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