by Bill McBride on 7/20/2012 08:47:00 AM
Friday, July 20, 2012
From the WSJ: Euro Zone Approves Terms of Spain Bank Bailout
Luxembourg Finance Minister Luc Frieden told reporters there had been a "formal" adoption of the country's memorandum of understanding—the official document outlining the details of the financial assistance package.The yield on the Spanish 10 year bond is now above 7.2% - near the high.
The bailout will pump up to €100 billion euros ($123 billion) into ailing Spanish banks and will aim to restore the country's financial sector.
Also Friday, Spain's government said it expects the economy to remain in recession next year as it steps up austerity measures.
More austerity. More recession. The beatings continue ...
Posted by Bill McBride on 7/20/2012 08:47:00 AM