SAVING SPAIN: European Union finance ministers are working to secure Spain’s teetering economy in meetings in Brussels, with hopes for progress on the bailout loan for the country’s stricken banks and a relaxation of the government’s financial targets.
THE ISSUE: The 17 countries that use the euro have committed to support a loan for Spain’s banks of up to €100 billion ($124 billion), but the precise amount needed may not be known until September, when the results of all the bank inspections are in, EU spokesman Simon O’Connor said Monday.
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