Spanish bank rescue soaks up €41b

Spanish bank rescue soaks up €41b

Spain is unlikely to need more money from Brussels to fix its financial industry after receiving €41.4 billion ($52 billion) to shore up banks hammered by a 2008 property crash, the European Commission says. Spain secured a loan of up to €100 billion from its eurozone partners last year to help rescue banks. brought to their knees by a mountain of bad debt. Under the program, Spain has received two payments to recapitalise lenders and fund a "bad bank", known as Sareb, to absorb the soured property assets of bailed-out lenders.


Britain suffered a bruising defeat at the hands of European Union finance ministers in a vote to impose tough restrictions on bankers’ bonuses.

Join the Conversation...

There are comments posted so far.

If you'd like to join this conversation, please login or sign up here

Related Articles