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News Link • Economy - International

Spain to Ramp Up Bailout of Banks

• online.wsj.com

Spain plans to pour billions more euros into its troubled savings banks and force them to be more open about their lending practices, people familiar with the matter said, an acknowledgment that previous efforts to fix the banks have fallen flat as the country seeks to ward off an international bailout.

Dave Kansas reports Spain, at the direction of president Rodriguez Zapatero, will pour billions more euros into its ailing savings banks in an effort to force them to be more open about lending practices.

In a first step, Spain is preparing to issue €3 billion ($4 billion) in debt in coming days, the people familiar with the matter said. Government officials are putting plans in place to eventually raise as much as €30 billion, according to these people, though some say the final tally will be less.

 

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