The European Commission on Monday (25 June) said it would begin preparations to bail out Spain's banks after a formal request by Madrid, with Brussels expecting financial sector reform and a fixing of the budget deficit in return.
"I have instructed our staff to step up their work to provide a clear assessment of the sector and its needs, as well as a proposal for the necessary policy conditionality that shall accompany the assistance," said EU economics commissioner Olli Rehn.
E...
Enjoy access to all articles and 25 years of archives, comment and gift articles. Become a member for as low as €1,75 per week.
Already a member? Login