// IP Marketing video - START// IP Marketing video - END

Spain receives €39.5bn for troubled banks

Spain receives €39.5bn for troubled banks

PanARMENIAN.Net - Spain's economy ministry says €39.5 billion ($51.3 billion) in bailout aid approved by European authorities for troubled Spanish banks has arrived, The Associated Press reported.

A ministry spokeswoman said Wednesday the money is now in the hands of a state-run fund set up to help those entities worst hit by the property market collapse in 2008.

The money is expected to be distributed to the banks over the coming days.

The funds are part of a €100 billion rescue package earmarked for Spain by the other 16 European Union countries that use the euro. The package is designed to ease the pressure on the government so it can concentrate on managing national finances and avoid a full-blown sovereign bailout.

 Top stories
Karapetyan stressed the importance of employing modern technologies, adding that the government is ready to support the business entities.
90 local organizations representing the country’s agricultural product processing industry participate in the trade show.
Annual deflation in the country was at 1.9% in August, compared to 1.3% deflation in July, according to central bank data.
Armenia has been listed in the top 20 among the world’s most economically free countries, raking the 18th out of 159 countries and territories.
Partner news