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Euro Chiefs Approve Spain Rescue

Bailout of Spanish banks could total $122 bln.

By Rebecca Christie and Stephanie Bodoni, Bloomberg | Updated on July 20, 2012

Euro-area finance ministers gave final approval to a bank bailout for Spain of as much as 100 billion euros ($122 billion).

Today’s decision was made on a conference call, Luxembourg Finance Minister Luc Frieden told reporters. It paves the way for a first payment from Europe’s temporary rescue fund, the European Financial Stability Facility. The EFSF can now raise 30 billion euros, including a 10 billion-euro “longer-term prudential cushion,” to be held in reserve for emergencies, according to a draft agreement. Banks will be able to receive payments once they have submitted approved restructuring plans.

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