Spain vows to implement fundamental banking changes

11 July 2012

Spain will use the rescue funds it has received from its fellow eurozone member states to implement widespread reforms to its financial system.

That is according to Luis de Guindos, the struggling Iberian nation's economy minister, who has pledged the country will facilitate this cash effectively to strengthen its economy to avoid similar issues in the future.

Following a meeting of ministers in Brussels held yesterday (10 July), Mr de Guindos said the agreement of a support package of €100 billion ($123 billion) will put Spain in a position to impose "very deep" changes to the sector.

"We must make maximum use of the next 18 months to do this clean up ... and bring down debt levels in the Spanish economy," he stated.

It is thought around €30 billion of this funding will be made available to Spanish financiers before the end of July so the country can begin the process of its overhaul sooner rather than later.

By Claire Archer

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