Eurozone is to provide 100bn euros ($125bn) to Spain in terms of loans to help it boost its ramshackle banks.
The move was agreed during emergency talks with eurozone finance ministers, BBC reported.
Spain’s Economy Minister Luis de Guindos emphasised “this is not a rescue”, adding that the help would be for the financial system, not the economy as a whole.
“This is a loan which is given in very favourable conditions, which will be determined in the next few days. But they are very favourable – much more favourable than the market ones,” Mr de Guindos told a news conference.
To avoid the restrictions, Spain did not ask for a bailout like the one given to Greece, Ireland and Portugal.
There would not be “micro-economic conditions” for Spain, he said.
“We hope that as a result of these injections [of capital] families and companies will have more solvent banks which are able to offer them credit, which they are not able to do at the moment.”
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