(MENAFN- Kuwait News Agency (KUNA)) Eurozone finance ministers have agreed to give Spain a 30 billion euro financial assistance for its ailing banking sector.
"We are aiming at reaching a formal agreement in the second half of July ...
for first disbursement of 30 billion euros by the end of the month to in case of urgent needs in the Spanish banking sector," president of the Eurogroup Jean Claude Juncker told a press conference Tuesday morning after a lengthy informal meeting of the 17-member euro group.
In June the Eurozone had agreed to lend Spain 100 billion euros to deal with its finanical crisis.
The ministers also agreed to extend the deadline by one year for Spain to bring down its budget deficit to 3 percent as required by EU rules.
"We have today discussed on the basis of the Commission proposal on the extension of the deadline of the excessive deficit of Spain from 2013 to 2014, " EU Commissioner for economic affairs Olli Rehn told the joint news conference.
Meanwhile, finance ministers of the 27=member European Union are to meet here Tuesday to discuss the general economic situation in Europe.
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