EU’s Juncker announced that ministers from the 17 eurozone nations reached a tentative agreement after 9 hours of debating which includes a ‘first disbursement’ of Eur 30 bln for Spanish banks by the end of the month.
Additional payments of up to Eur 100 bln would likely follow in the autumn after a more thorough review of Spain’s banking sector, with some easing of the country’s budget deficit targets, but with a further squeeze on it’s austerity budget..
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