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. \n \nEst...
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