Spain to Get Up to EUR 100 B Euro Zone Bailout for Banking Sector

Finance | June 9, 2012, Saturday // 20:52|  views

Pictured: Spanish Economy Minister Luis De Guindos. Photo from

Spain is going to receive a bailout loan from the rest of the euro zone in order to recapitalize its banking sector.

The news emerged Saturday night after a two-hour video conference of the euro zone finance ministers, BNT reported.

Thus, Spain is expected to get up to EUR 100 B in bailout loan for its banks; the International Monetary Fund is also going to participate in the bailout deal but only with an observer status, the report said.

The new bailout out deal will not feature any austerity requirements for the Spanish government on part of the creditors, thus saving Spain what is widely seen as a "humiliation" for the euro zone states that already got bailout aid.

Spain is thus becoming the fourth euro zone nation after Greece, Portugal, and Ireland to receive international bailout loans.

Spain is the 12th largest economy in the world, the fourth largest in the euro zone, and the fifth largest in the EU.

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Tags: Spain, euro zone, Eurozone, IMF, EU, International Monetary Fund, bailout fund, bailout loan


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