Mediafax (Mediafax)
Markets  |  July 10, 2012 03:15:05

Eurozone Spain is ready to offer the first 30 billion euros

BRUSSELS (MEDIAFAX) - Eurogroup Chairman and Luxembourg Prime Minister Jean-Claude Juncker said on Tuesday that the euro area is ready to offer Spain the first 30 billion euros aid for the banking sector. Informs AFP.

Monday's meeting of eurozone finance ministers of seventeen, the Eurogroup lasted nine hours and delayed until Tuesday. Ministers finally agreed on a memorandum that Spain ensure international financial assistance of up to 100 billion euros.

The Memorandum will be signed by Juncker "in the second half of July." This confirms previous information that as a term designated the 20th signing July. Juncker added that the first 30 billion euros this would help Spain could get it at the end of this month.

The finance ministers also agreed to give Spain time until 2014 to achieve the deficit target of three percent of gross domestic product (GDP). Juncker's conditional that Madrid has to implement all measures to get Spanish public finances in the EU standards.

Ivan Orel,

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