Spain's banks get $36 billion bailout
By The Week Staff | July 10, 2012
E
arly Tuesday, eurozone finance ministers agreed on the terms of a bailout plan for Spain's troubled banks, promising that 30 billion euros ($36.88 billion) will be available to the banks by the end of July. Later Tuesday, finance ministers are also expected to extend, by one year, a deadline for Spain to achieve a 3 percent budget deficit. The exact amount of the total bailout will not be known until later in the year, after Spain's banks are individually examined, but the amount is estimated to be about 100 billion euros.
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