Eurozone OKs Terms of Bailout for Spanish Banks

Spanish Banks

BRUSSELS -- Finance ministers from the 17 countries that use the euro have approved the terms for a bailout loan for Spanish banks.

The document the ministers approved in a teleconference Friday calls for strict monitoring of banks that receive aid. It also requires the Spanish government to present this month plans to reduce its budget deficit to under 3% of gross domestic product by 2014.

The finance ministers have agreed to lend up to 100 billion euro ($122.9 billion), and the agreement approved Friday calls for an initial disbursement of 30 billion euro ($36.9 billion) this month.

The full amount of money needed to shore up Spain's banks is unlikely to be known until September, after individual banks have been assessed.

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donut999

Get used to it. It will take at least another 5 years of bailouts with forced austerity measures to get out of this worldwide hole. Look at our own country. We are 4 plus years in with probably another 3 years to go.

July 23 2012 at 7:58 AM Report abuse rate up rate down Reply
diane4tom

In TOMS house (mine) we spend only monies we have set aside for the years budget. Did any of these CEOS and govt official yo-yos ever take anything like this into consideration before they stand around with a big long face asking what happened ? WOW - - Wake up people and get in step - - - knock - knock - is any one in there?

July 21 2012 at 8:35 AM Report abuse +2 rate up rate down Reply
1 reply to diane4tom's comment
thefacts22

I lived in Spain many years.One day the truth will emerge,the BANKS were forced to buy municipal debts and "help"socialists" to stay in power

July 21 2012 at 2:48 PM Report abuse +2 rate up rate down Reply
Setanta

dumb and DUMBER in action and all in prime time reality.
so they bail out spain......AND ? it all goes away ?

the time to push the reset button was in 2008.

July 20 2012 at 12:43 PM Report abuse +1 rate up rate down Reply