Eurozone OKs Terms of Bailout for Spanish Banks
byJul 20th 2012 8:59AM
BRUSSELS -- Finance ministers from the 17 countries that use the euro have approved the terms for a bailout loan for Spanish banks.
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.