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
A relevant agreement was signed by the minister of finance Gagik Khachatryan and German ambassador to Armenia Rayner Morel.
The total cost of the final deal is over AMD 85.8 billon to be paid in two equal halves, after completion of the deal formalities.
Aleksei Miller was also scheduled to meet with government officials in Germany, which is a major customer of Gazprom’s supplies.
Access to finance is a major impediment to the growth of micro, small and medium enterprises, especially in the rural areas.
Partner news