Euro finance ministers agree Spain bank aid terms
BRUSSELS—Euro area finance ministers agreed early Tuesday on the terms of a bailout for Spain's troubled banks, saying that the first (EURO)30 billion ($36.88 billion) in aid can be ready by the end of this month.
The finance ministers for the 17 countries that use the euro as their official currency will return to Brussels on July 20 to finalize the agreement, having first obtained the approval of their governments or parliaments, eurozone chief Jean-Claude Juncker said.
Last month, the eurozone's finance ministers agreed to offer Spain up to (EURO)100 billion to prop up its stricken banking sector, which has been weakened by toxic loans and assets from a collapsed property market.
As part of the agreement with Spain, finance ministers from all 27 European Union countries are expected Tuesday to give the country extra breathing space to get a grip on its economy. The meeting is expected to approve a one-year extension, until 2014, of Spain's deadline for achieving a budget deficit of 3 percent.
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