Euro Finance Chiefs Give Final Approval to Spain Bank Rescue
This article is for subscribers only.
Euro-area finance ministers gave final approval to as much as 100 billion euros ($122 billion) of bank aid for Spain, putting Greece back on the front line of the bloc’s crisis-fighting agenda.
The decision paves the way for the European Financial Stability Facility to raise 30 billion euros “which can be used in case of urgent unexpected financing needs,” according to a statement from the group of 17 ministers. Banks will be able to receive payments via the Spanish government’s bank-rescue fund after submitting approved restructuring plans.