Euro finance ministers agree on bailout for Spain
BRUSSELS – Euro area finance ministers agreed early today on the terms of a bailout for Spain's troubled banks, saying that $36.88 billion can be ready by end of this month.
The finance ministers for the 17 countries that use the euro as their official currency will return to Brussels on July 20 to finalize the agreement, having first obtained the approval of their governments or parliaments, eurozone chief Jean-Claude Juncker said early Tuesday morning.
As part of the agreement with Spain, finance ministers from all 27 European Union countries are expected today to approve a one-year extension, until 2014, of Spain's deadline for achieving a budget deficit of 3 percent.
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