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
This year’s event will be held in Yerevan under the motto “16 Countries … and Opportunities for Enterprise Development.”
“Government’s policy line of boosting the NPP’s safety and building a new power unit remains unchanged,” Armen Movsisyan said.
Armenia’s rich cultural, historical and Christian heritage will be presented in travel guides and maps in Russian during the exhibition.
The contract terms stipulated by companies allowed them to charge subscribers for the period when no internet service was provided.
Partner news