Bailout to diminish Spanish banks

EU’s $47.5 billion in loans comes with strings attached

Posted: November 29, 2012 at 3:19 a.m.

Pedestrians are reflected in windows of the Bankia bank headquarters in Madrid on Wednesday. European Union authorities approved almost $48 billion in bailout loans for four of Spain’s struggling banks, including $23 billion for Bankia.

European Union authorities have approved the payment of about $47.5 billion in bailout loans to four of Spain’s struggling banks — provided each of them cuts their loans and investments by 60 percent.

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Business, Pages 27 on 11/29/2012