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Eurozone agree on sum for Spanish banks

The minister, who came to an agreement over the sum in June, require approval from their respective parliaments before dishing out the aid, but are hoping to make the initial payment before the end of this month.

Eurozone officials have agreed to lend Spain's banks €30 billion (£24 billion) this month to help it out of its financial struggle, as part of the first instalment of up to €100 billion.

In addition, European officials agreed to extend the 2013 deadline for the troubled Iberian nation to reduce its budget deficit to the EU limit of three per cent by one year after the yield on Spanish bonds increased sharply on Monday (July 9th).

This, financial experts have claimed, was the result of concerns little concrete action would be taken on the country's financiers among shareholders.

Eurogroup president Jean-Claude Juncker said: "We are aiming at reaching a formal agreement in the second half of July, taking into account national parliamentary procedures, allowing for a first disbursement of €30 billion by the end of the month."

- Knowledge to Action News

10-07-2012