An initial 30 billion-euro ($37 billion) installment of aid for Spain’s banks by the end of this month will be followed by three more payments by mid-2013, a European official said.
A draft timetable foresees a second tranche in November that brings Spain up to 60 percent of the total, the official said under condition of anonymity. A third tranche will come by the end of December and the final one by June 2013 or possibly earlier, the official added.
The proposed schedule was reported by Dow Jones earlier. Euro-area finance ministers plan to put the finishing touches on Spain’s package on July 20.
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