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| Spain's banks 'need 59.3bn euros of eurozone loans' | Spain's banks 'need 59.3bn euros of eurozone loans' |
| (35 minutes later) | |
| Spain's banks will need an injection of 59.3bn euros ($76.3bn; £47.3bn) to survive a serious downturn, an independent audit has calculated. | Spain's banks will need an injection of 59.3bn euros ($76.3bn; £47.3bn) to survive a serious downturn, an independent audit has calculated. |
| The amount is broadly in line with market expectations of 60bn euros, and follows so-called stress tests of 14 Spanish lenders. | The amount is broadly in line with market expectations of 60bn euros, and follows so-called stress tests of 14 Spanish lenders. |
| Spain is expected to get the money from the eurozone rescue funds, the current EFSF and the future ESM. | Spain is expected to get the money from the eurozone rescue funds, the current EFSF and the future ESM. |
| Spain said in July that it would request eurozone support for its banks. | Spain said in July that it would request eurozone support for its banks. |
| The plan is now for the most toxic assets of the Spanish banks to be taken off their balance sheets and placed into a state-run "bad bank". | |
| The European Commission welcomed the announcement, saying in a statement that it "is a major step in implementing the financial-assistance programme and towards strengthening the viability of, and confidence in, the Spanish banking sector". | |
| It added: "The necessary state aid provided to Spanish banks will be determined in the coming months." | |
| Friday's announcement comes a day after the Spanish government set out an austerity budget as it seeks to avoid having to follow Greece, Portugal and the Republic of Ireland in requesting a full bailout. | |
| The budget, which came against a backdrop of violent protests, spelled out new spending cuts, but protected pensions. | |
| Spain is struggling with a shrinking economy and 25% unemployment. |