Exact size of Spanish bank bailout seen in September: Eurogroup

The exact amount that Spain will borrow from the euro zone to recapitalize its banks will only be determined in September, euro zone finance ministers said on Friday, after approving the terms of a loan of up to 100 billion euros ($123 billion).

In return for the loan, Spain will have to restructure its banking sector and its assets, and improve governance and regulation, the Eurogroup of euro zone ministers said in a statement.

But Madrid will also have to honor its government deficit reduction targets and commitments on structural reforms and rebalancing of its economy, undertaken under separate procedures of the European Union.

"Progress in these areas will be closely and regularly reviewed in parallel with the financial sector conditionality," the Eurogroup statement said.

($1 = 0.8156 euros)

Author : DAIGV with 4 years experience in financial markets

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