This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

EU Says Rescue Program For Spain's Banks On Track

BRUSSELS (AP) â¿¿ The rescue program for Spain's banks is on track, according to a review by EU authorities, but the country faces significant economic challenges, including high unemployment and a shrinking economy.

Spain last year agreed to a rescue of its banking sector, which took huge losses on the real estate market's collapse in 2008. Spain's 16 fellow member states in the eurozone have given it a ⿬100 billion ($136 billion) credit line to help the banks. Madrid has so far drawn ⿬39.5 billion and promised broad reforms of the financial sector.

Monday's review by the European Commission and the European Central Bank concludes that banking sector conditions "have broadly stabilized" since the start of the program in June.

Access to credit markets has also improved, both for the government and for the private sector.

"The successful conclusion of the second review mission to Spain shows that the repair and reform of the Spanish financial sector is proceeding apace," said Olli Rehn, the European Union's monetary affairs commissioner.

Despite the economic problems, the review says Spain needs to make progress toward balancing its budget.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs