Euro group aid to the Spanish banking sector ends on November 14 and that Spain should leave the EU support program that was intended for the banking industry, but they get some further support in the form of credit lines. It said Euro group Chairman Jeroen Dijsselbloem at a press conference after the Euro group meeting.
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Spain has enforced its economic adjustment program with vigor and this has yielded results, continued Jeroen Dijsselbloem.
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“Spain and Ireland are examples of that assistance programs can work and how they should operate. But it requires accountability in the countries. We are fully confident that Ireland and Spain will keep the pace of reforms, “he said.
Spain’s Finance Minister Luis de Guindos has announced what he believes is a good news, when the Euro group will explain the need for aid to Spain is over, at its forthcoming summit. Aid has lasted for 16 months and finally has only been used 40 percent of the 100 billion Euros that the group was prepared to lend.
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Economy Commissioner Olli Rehn said the countries “clean exit” from support programs sent a signal to other countries with support programs. Rehn noted, however, that growth has returned in the third quarter of Spain.
Spain, thereby putting an end to the aid package, which Greece, Ireland and Portugal are still in need of. However, it remains unclear to what extent the Spanish banks will be forced to repay the loans and the extent to which it becomes Spanish State who assumes the cost. Although Spain Prime Minister Mariano Rajoy originally promised to help would not cost taxpayers a single cent, government sources later suggested that the loan will not be collected from the banks.
Spain taxpayers will bear the bank bill
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Euro group agreed as expected on Nov. 14 to end at the turn for support aid to the banking sector in both Spain and Ireland, property Marbella.
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This will help to Spain have consisted of 18 months. Finally, use was 41.3 billion Euros, of the total buffer of 100 million as the group reserved for Spain.
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The borrowed funds will now be repaid in agreed installments. Helper will cost the Spanish taxpayers 37 billion Euros, while the bulk of the aid will not be recoverable by the banks. This despite the fact, that Spain Prime Minister Mariano Rajoy promise of aid would not cost taxpayers a single euro.
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