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Confirmed : Spain To Get Bailout

Saturday, June 9, 2012 18:15

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Spain is to get loans to help shore up its struggling banks, its economy minister has confirmed.

He was speaking following an emergency meeting of eurozone finance ministers.

Luis de Guindos said Spain had agreed to officially request assistance from eurozone rescue funds.

He did not say how much the financial system would get, but he said it would be “significantly” more than the 40bn euros ($50bn; £32bn) recommended by the International Monetary Fund.

Spain had been reluctant to ask for a full bailout, like the one given to Greece, Ireland and Portugal, as they come with demands for tax rises and spending cuts.

Mr de Guindos said one of the conditions of the the loans was the restructuring of the financial system, but not “micro-economic conditions”. “The conditions are for the banks,” he said.

“We hope that as a result of these injections [of capital] families and companies will have more solvent banks which are able to offer them credit, which they are not able to do at the moment,” he told a news conference.

Spain was keen to ensure that any assistance went direct to its banks, rather than to the central government. As a result, the loans will go to its bank restructuring agency, called FROB. But this would still considered state debt, Mr de Guindos said.

No decision had been made on exactly who would disburse the funds, he said, but he suggested this would be one of the European rescue funds, the EFSF or the ESM.http://www.bbc.co.uk/news/business-18382659

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