Latest News:  
Beijing   Thundershower/Overcast    28 / 22 ℃  City Forecast


Eurozone ready to offer Spain 30 billion euros by end of July


13:26, July 10, 2012

BRUSSELS, July 10 (Xinhua) -- Eurozone finance ministers agreed early Tuesday to grant Spain an extra year until 2014 to reach its deficit reduction targets and a 30-billion-euro (37-billion-U.S.-dollar) loan by the end of this month to help Madrid's troubled banks.

After nine hours of talks lasting well after midnight, the 17 countries using the single currency agreed on a memorandum of understanding on Spain to be formally approved "in the second half of July," eurozone chief Jean-Claude Juncker said.

The accord, which envisages a rescue package of up to 100 billion euros (123 billion U.S. dollars), allocates a first tranche of 30 billion euros by the end of July to help Spain's struggling banks, with reimbursement deadlines set "up to 15 years."

The finance ministers also agreed to extend a 2013 deadline for Spain to cut its public deficit to the EU limit of 3.0 percent of its gross domestic product by one year, he said.

The extension was based on the "significantly worsening economic situation in Spain and its impact on the budgetary situation," Juncker said, adding that the country has to implement all necessary measures to bring its public finances in line with EU norms.

Under the new terms, Spain will have to trim its huge deficit to 6.3 percent of GDP this year, and to 4.5 percent in 2013 and 2.8 percent by the end of 2014.

【1】 【2】


Leave your comment0 comments

  1. Name


Selections for you

  1. Pioneer in mask making of 2,000-year-old Nuo dance

  2. Yunnan province, a popular choice for tourists

  3. Troops conduct sea-crossing and landing combat drill

  4. Cantonese opera performed in Canada

Most Popular


  1. ASEAN should stick to mediating role
  2. Diaoyu issue needs more than diplomacy
  3. China can help keep peace in growing Africa
  4. China can avoid hard landing
  5. US-Pakistan relations still tense after apology
  6. Preserve Arctic for sake of shared global future
  7. Owning a car a fading dream in China?
  8. Do not foment youngsters to protest
  9. All classes easy prey for marketing scammers
  10. Property controls good for economy

What's happening in China

Measures to manage online programs

  1. Stocks plummet on easing inflation figures
  2. Developers raise sales targets for 2012
  3. Newspaper circulation still on the rise
  4. Wenzhou bans extravagant govt banquets
  5. Mining to become key to Tibet's economy

China Features

  1. Why is TCM worth of commendation?
  2. Arabians pay heavy price for Arab Spring
  3. Master of pasted-paper sculpture
  4. China, US hold mixed attitudes toward each other
  5. China does not lack capital: CSRC Chair

PD Online Data

  1. Spring Festival
  2. Chinese ethnic odyssey
  3. Yangge in Shaanxi
  4. Gaoqiao in Northern China
  5. The drum dance in Ansai