Spain Receives Funding to Support Banking System
In order to make sure that Spain's banking system keeps on moving, the European Stability Mechanism has provided the country with an aid package worth 39.5 billion euros.
When asked from the Spanish Economy Ministry, they confirmed the news by saying that the fund has been received in the bank bailout fund known as the FROB. For now, not many details have been revealed about the distribution of the money. But, it has been said that 17.96bn euro will be given to Bankia, 5.43bn euros will go to Novagalicia and 4.5 billion euros will be transferred to Banco de Valencia.
There are a number of other banks, which will also be receiving funding, like the Sareb bank and CatalunyaCaixa. It is said that in return of financial aid, the Spanish Banks will make sure that they operate in tight settings.
Layoffs are also said to be one of the measures to be adopted by the banks. Experts said that this measure will surely worsen the employment rate of the country, which has already been witnessing 25% unemployment rate.
Experts said that Spain's banking problems have been troubling euro countries a lot. Not only Soain, but Germany is also facing a lot of troubles.
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