Spain bailout “good decision” says Polish finance minister
PR dla Zagranicy
John Beauchamp
10.07.2012 16:44
Eurozone finance ministers agreed, Monday, on a broad outline of a bank bailout to help Spain, with 30 billion euro to be made available by the end of the month.
“This is a good decision that is also realistic, and realism is always healthier than dogmatism. I’m happy and I support it,” commented Polish Finance minister Jacek Rostowski Tuesday morning.
Spain’s troubled banks are expected to receive a 100 billion euro in total, but only after a banking stress test is completed in September.
The bailout funds will also be used to directly recapitalise Spain’s banks without increasing its national debt. Additionally, Spain was given an extra year, until 2014, to bring its budget deficit to the 3 percent ceiling required by EU rules.
Eurogroup Chairman Jean-Claude Juncker has added that Spain’s loan agreement will be signed around 20 July. (vj/jb)