EU to Do All Needed for Spain Banks, Vanackere Tells Standaard

The European Union will do everything needed to save the Spanish banking industry, Belgian Finance Minister Steven Vanackere told De Standaard in an interview.

“Precisely how much will be necessary isn’t yet clear,” as the country awaits reports on its banks by independent auditors later this month, the newspaper quoted Vanackere as saying after euro-area finance ministers on June 9 agreed to provide Spain as much as 100 billion euros ($126 billion) to rescue its banking system.

“With this we give the signal that we will do everything to rescue the Spanish banking sector,” Vanackere was quoted as saying. “Europe has taken a swift and strong decision.”

To contact the reporter on this story: Andrew Clapham in Brussels at aclapham@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net

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