// 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
At a meeting with representatives of the tourism industry, Karayan said the sector is capable of creating inclusive added value.
The first stage of work on extending the life of Metsamor NPP for another 10 years until 2026 has also been performed.
This operation will help improve the country’s competitiveness and business environment, said World Bank Country Manager for Armenia.
The financing will be directed to energy efficiency, renewable energy, agribusiness, food processing, education and healthcare projects.
Partner news