Posted 21.07.2012 12:40:01 UTC
Updated 21.07.2012 12:40:01 UTC
Exact amount of the credit, which can reach as high as €100 billion, will be clarified by September.
The bail-out deal that was agreed on at the final two Euro Group meetings has been officially approved by finance ministers of 17 countries.
The deal foresees that the money granted will be used to save the Spanish banks, and the total amount will be decided after inspections and needs are determined.
The exact amount of the bail-out can reach 100 billion Euro.
The credit back payment of the bail-out will expand to 12 or 15 years. The 30 million Euro first part of the bail-out will be released within the shortest time to meet the urgent needs of the Banks.
The credit will be financed by the European Financial Stability Fund, which is known as “bail-out fund”, until the Europe Stability Mechanism becomes active.
The Euro Group said in a statement following the approval that the bail-out is not only targets to save Spanish banks but also aims to protect the financial stability in the Euro zone.