Arab Today, arab today eurozone ministers set to approve spanish bank aid
Last Updated : GMT 12:45:25
Arab Today, arab today
Arab Today, arab today

Eurozone ministers set to approve Spanish bank aid

Arab Today, arab today

Arab Today, arab today Eurozone ministers set to approve Spanish bank aid

Brussels - AFP

Eurozone finance ministers conferred on Friday to try and finalise an aid package for Spanish banks as opposition grows in the country against government plans to tighten budget discipline. The ministers were to begin their telephone conference at noon (1000 GMT), and work for an agreement on unprecedented backing of up to 100 billion euros ($122 billion) destined solely for Spanish banks. If an accord is reached, 30 billion euros could be released by the end of July, though the money would likely be held in reserve to recapitalise banks only if the need arose. The ministers are expected to outline the details of the bank rescue, including the rates charged for the loans, the timetable of the plan\'s implementation and the conditions attached to the bailout. Initial funds would be provided by the eurozone\'s temporary bailout fund, the European Financial Stability Facility (EFSF), which is to be replaced by a permanent European Stability Mechanism (ESM) later this year. On the Spanish side, money is to pass through the state\'s bank resolution fund Frob and be disbursed to banks on a case-by-case basis following an audit and stress test of the institution\'s ability to withstand unforeseen future shocks, to determine their precise funding needs. Results of bank audits are not expected until September. Several important European parliaments have approved the aid, including Germany, the biggest donor to the rescue funds, and Finland, which gave its stamp of approval on Friday following a heated debate. One of a handful of eurozone states to retain a top credit rating, Finland has struck a deal with Spain on collateral in exchange for Helsinki\'s contribution to the rescue package. Under the terms of a memorandum of understanding, eurozone creditors have obtained strict conditions in return for the funds, including closer scrutiny of Spanish banks by the European Commission. That has not gone down well with Spanish officials, who have worked hard to prevent the situation from infringing on national sovereignty or worsen the state of Spain\'s own finances. On Friday, sovereign debt market rates on Spanish 10-year debt surpassed the key seven-percent level, at which other eurozone countries have had to ask for bailouts of the national accounts. Meanwhile, opposition in Spain grew in response to government plans to save 65 billion euros as part of a programme to cut the country\'s public deficit. Spanish police fired rubber bullets and charged protestors in central Madrid early Friday at the end of a huge demonstration against economic crisis measures.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today eurozone ministers set to approve spanish bank aid Arab Today, arab today eurozone ministers set to approve spanish bank aid

 



Arab Today, arab today
Arab Today, arab today Nasima Gamei revives heritage in jewelries

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday