Somewhere between Sat 1 Dec 2012 00:00 and Tue 31 Dec 2013 23:59 (Somewhere between Fri 30 Nov 2012 18:00 and Tue 31 Dec 2013 17:59 America/Kentucky/Monticello)

Spain receives up to 100bn from eurozone funds

Spain is to receive up to €100bn in loans from eurozone funds to rescue its struggling banks.

Spain's Economy Minister, Luis de Guindos, has emphasized that the loan is destined for the country's banks, not for the economy as a whole.

Spain has been reluctant to ask for a bailout due to concerns over the austerity measures that it would be obliged to implement, just like Greece, Ireland and Portugal.

The billions that are to boost Spain's banks will come from two funds, the European Financial Stability Facility (EFSF) and the European Stability Mechanism (ESM), the purpose of which is to help eurozone members in financial distress.

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