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Spanish banks to get up to 100bn euros in rescue loans
Where will the money come from?Spain is to get up to 100bn euros ($125bn; £80bn) in loans from eurozone funds to try to help shore up its struggling banks. The move was agreed during emergency talks with eurozone finance ministers. Spain's Economy Minister Luis de Guindos said his country would shortly make a formal request for assistance. He emphasised that the help would be for the financial system, not the economy as a whole. "This is not a rescue," he said. "This is a loan which is given in very favourable conditions, which will be determined in the next few days. But they are very favourable - much more favourable than the market ones," Mr de Guindos told a news conference. The Spanish government had been reluctant to ask for a bailout like the one given to Greece, Ireland and Portugal, as these rescue packages came with demands for spending cuts and stringent spending cuts. Posted by: tipper 2012-06-09 |
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