Bloomberg News

Spain’s Bank Aid Program May Run Until 2028, Spiegel Says

July 14, 2012

Europe’s rescue program for Spanish banks could run until 2028, Der Spiegel said, citing an unpublished proposal by the European Financial Stability Facility, the euro area’s temporary rescue fund.

The EFSF plans for as much as 100 billion euros ($122.5 billion) in loans to flow in four installments through next June, plus the creation in November of a so-called bad bank capitalized with as much as 25 billion euros that are part of the total, the German magazine said today in an advance copy of an article for its next edition.

To contact the reporter on this story: Tony Czuczka in Berlin at aczuczka@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net


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