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Created: Wednesday, July 11 2012 01:43.48 CDT

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Euro Group agreed details of the bank bailout in Spain

Author: isabelqqqq

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Euro Group Juncker, chairman of euro zone finance ministers announced on the 10th Euro-group size of 100 billion euros in the Spanish banking sector rescue package details to reach an agreement, the first € 30 billion of funds is expected to be allocated before the end of July.

Juncker said that the assistance of the Spanish banking sector average loan repayment period is 12.5 years, up more than 15 years, member countries of the euro area is expected to ultimately approve the bailout plan on the 20th. Spain will not need to transferring fiscal sovereignty in exchange for the bank bailout funds. The relief will initially be through the Spanish Government's existing bank relief fund (FROB)

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