French finance minister: Spain banks must be recapitalized quickly

French Finance Minister Pierre Moscovici said on Sunday that Spanish banks needed to be recapitalized quickly, days after euro zone states agreed on a scheme to shore them up directly.

"We must... move quickly on direct recapitalization of Spanish banks - I think that is expected," he told a conference in the southern city of Aix-en-Provence.

According to a deal struck last week, Spain will initially borrow money from the euro zone to recapitalize its banks, but the loans will be changed to direct bank recapitalization once the ESM permanent bailout fund acquires that capability.

From reuters

Author : DAIGV with 4 years experience in financial markets

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