Spain granted 30 billion euro bailout

Spain's Prime Minister Mariano Rajoy gestures while speaking during a... — Spain's Prime Minister Mariano Rajoy gestures while speaking during a media conference at an EU Summit in Brussels. European leaders have agreed to use the continent's permanent bailout fund to recapitalize struggling banks, and agreed to the idea of a tighter union in the long term. (June 29, 2012) Credit: AP

By THE ASSOCIATED PRESSJuly 9, 2012

Euro area finance ministers have agreed on the terms of a bailout for Spain's troubled banks, saying that 30 billion euros can be ready by end of this month.

The finance ministers for the 17 countries that use the euro as their official currency will return to Brussels on July 20 to finalize the agreement, officials said early Tuesday morning

As part of the agreement with Spain, finance ministers from all 27 European Union countries are expected Tuesday to approve a one-year extension, until 2014, of Spain's deadline for achieving a budget deficit of 3 percent.

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