Spain Expects to Tap About $75 Billion in Rescue Financing for Its Banks [NYT]
August 27, 2012 Leave a comment
MADRID — Spain expects to use about 60 billion euros, or $75 billion, of the 100 billion euros of bank rescue financing offered by European finance ministers in June, according to the Spanish economy minister, Luis de Guindos.
Mr. de Guindos also said Madrid could make stronger fiscal commitments if the European Central Bank eased Spain’s borrowing costs by buying its government bonds.
Next month could prove decisive for Spain and other ailing economies at the heart of the euro debt crisis. A proposal for an ambitious bond-buying program will be on the agenda of the central bank’s governing council meeting on Sept. 6.