Spanish Finance Minister Luis de Guindos Jurado, right, talks with President of the European Central Bank Mario Draghi during the Eurogroup ministerial meeting at the European Council building in Brussels, Monday, July 9, 2012. European finance ministers are to use this week's meetings in Brussels to attempt to secure Spain's teetering economy, with progress expected on the bailout loan for the country's stricken banks and a relaxation of the government's financial targets. (AP Photo/Yves Logghe)
July 09, 2012 - 8:55 PM
BRUSSELS - 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 per cent.
News from © The Associated Press, 2012