Spain Bank Aid to Be Channeled Through Government, EU Aide Says
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Europe won’t obtain the powers to recapitalize banks directly in time for the injection of as much as 100 billion euros ($123 billion) into Spain’s financial system by mid-2013, a European official said.
Spain’s bank-aid program, to be endorsed by European finance ministers next week, will channel the money via a Spanish state agency, the official told reporters in Brussels today on condition of anonymity.