Cabinet Endorses Conditions of Spanish Rescue
Eestlased Eestis 20 Jul 2012  EWR
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Ott Tammik, ERR News
The Cabinet has approved the conditions set out by the European Union for the Spanish bailout.

The memorandum of understanding establishing the program's conditions will also be presented to the Parliament's EU Affairs Committee for comment, the Government Office said in a statement.

Spain asked for aid in June to save its struggling banks. The EU consented to a maximum of 100 billion euros in loans, and the first 30 billion would be received this month. Spain was also given a yearlong extension to cover its budget holes.
Eurozone finance ministers are set to accept the document tomorrow.

At the end of June, the European Council decided that in the future the European Stability Mechanism could directly finance banks, rather than having to go through the bank's country. This aim of this measure is to avoid increasing countries' debt through ESM loans.

Spanish banks' risky loans amount to 155.8 billion euros, or 8.9 percent of all debt.

In 2008, prior to the bursting of the real estate bubble, the economic recession and massive unemployment, that figure was just 3.3 percent.
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