Euro area finance ministers agreed early Tuesday on the terms of a bailout for Spain's troubled banks, saying that the first $36.88 billion in aid can be ready by the end of this month.
The finance ministers for the 17 countries that use the euro as their official currency will return to Brussels on July 20 to finalize the agreement, having first obtained the approval of their governments or parliaments, eurozone chief Jean-Claude Juncker said.
Last month, the eurozone's finance ministers agreed to offer Spain up to €100 billion to prop up its stricken banking sector, which has been weakened by toxic loans and assets from a collapsed property market.
Dutch Finance Minister Jan Kees de Jager said the agreement should be finalized soon.
"We have a tentative deal on the bailout conditions for a bailout of Spanish banks," De Jager said. "The total will likely be €100 billion. Some countries like the Netherlands, Germany and Finland need to get parliamentary approval. We hope this can be wrapped up within a week."
EU-Digest
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