Bloomberg News

Spain Cuts Credits Without Interests to Industries, Cinco Says

April 16, 2012

The Spanish government is cutting the amount of credits given to strategic industries by 12.5 percent to 408 million euros ($531 million) and plans to charge interest, Cinco Dias reported today, citing unidentified people in the government.

The interest applied to the credits may be in line with what the Spanish Treasury pays for its long-term debt even as no decision has been made yet, the newspaper said. Strategic industries that boost competitiveness include automobiles, pharmaceuticals and railways, the newspaper said.

To contact the reporter on this story: Manuel Baigorri in Madrid at mbaigorri@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net


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