Spain awaiting stress tests results for bailoutSeptember 22, 2012 - 15:32 AMT PanARMENIAN.Net - Up to 60bn euros ($78bn) will be needed to bail out Spain's banks, says the country's second biggest lender, BBVA. The results of independent stress tests of the Spanish banking sector will be published on September 28. But previews are already being sent to the country's financial institutions. According to BBC, the Spanish government has already put in place economic reform plans that would allow it to apply for a bailout immediately. Spain's conservative Prime Minister Mariano Rajoy has in the past insisted Madrid would not become the fourth European capital in recent years to apply for such a bailout, but sources indicate such a program is now likely. Spain's banking sector needs recapitalizing, and much of the money would come from 100bn euros in European Union funds already pledged by eurozone finance ministers in June. "We'll get a figure of around 70, 75 or 80 billion euros," BBVA's Chairman Francisco Gonzalez said. That figure includes around 20bn euros already allocated to troubled banks, which means 50-60bn euros is still required. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. Azerbaijan must respect human rights, Scholz tells Aliyev German Chancellor Olaf Scholz has called for greater respect for human rights in Azerbaijan. Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush. Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. |