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.

By InvestSMART · 7 Mar 2013

By InvestSMART ·
7 Mar 2013

Share

Comments

Print

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.

Share this article and show your support

Proudly

Spanish bank rescue soaks up €41b

{{ twilioFailed ? 'SMS Code Failed to Send…' : 'Enter verification code' }}

{{ completedStep1 ? 'Authentication & Security' : content.trialHeading.replace('{0}', user.FirstName) }}

{{ content.upgradeHeading.replace('{0}', user.FirstName) }}

Updating information

Please wait ...

Your membership to InvestSMART Group recently failed to renew.

You've recently updated your payment details.

Please click on the ACTIVATE button to activate your Intelligent Investor 15-day free trial

Please click on the ACTIVATE button to finalise your membership

Unsuccessful registration

Forgotten password