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October 7th, 2008
Posted: 12:17 PM ET
MADRID (Spain) — The Spanish government will make available at least 30 billion euros (nearly $41 billion US) to the nation’s financial system to improve the flow of credit, Prime Minister Jose Luis Rodriguez Zapatero announced Tuesday. The sum could reach 50 billion euros (about $68 billion US), Zapatero said at a nationally televised news conference, in which the Spanish treasury will purchase “non-toxic,” reliable assets from financial entities, to provide cash that can be used by the entities to make loans. The government will also guarantee bank deposits to 100,000 euros (about $136,000 US), up from 20,000 euros (about $27,300 US) at present in Spain. That’s double the 50,000 euro (about $68,200 US) bank deposit guarantee level proposed by the European Union. Zapatero repeated his insistence that Spain’s financial system is sound. |
 
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