Spanish banks to borrow €30 billion from Eurozone

In an attempt to assist Spain’s banks through the economic crisis, eurozone finance ministers agreed to lend Spain €30 billion in July.

This will be the first of several bailout instalments which will amount to €100 billion as agreed in June.

The €30 billion payment is expected to be made by the end of this month after ministers gain the approval from their own parliaments.

Spain has also been allowed an extension of a year to its 2013 deadline to cut the budget deficit to the EU limit of 3%.

Eurogroup President Jean-Claude Juncker said that the goal was for a formal agreement to be made by the second half of July while placing specific conditions for specific Spanish backs while strengthening the supervision of the whole financial sector.