(MENAFN) Euro group President, Jean-Claude Juncker, announced that the European Stability Mechanism (ESM) would release the first tranche of Spanish banks' recapitalization program of nearly USD51.5 billion next week, reported Xinhua News.
Juncker said that the execution of the program is well on the right track, and meeting all essential conditionality steps as enshrined in the Memorandum of Understanding (MoU).
On the other hand, he said that the euro zone finance ministers are committed to support Portugal in order to regain full market access.
Portugal was expected to receive USD3.24 billion in bailout fund in January, with USD2.07 billion from the euro region's temporary and permanent bailout funds and USD1.16 billion from the International Monetary Fund (IMF).
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