IMF Begins Initial Talks on Spain Contingency Plans
The European department of the International Monetary Fund has started initial discussions on a contingency plan for a rescue loan to Spain in case the country fails to find the funds needed to bail out its third-largest bank by assets, Bankia, people involved in the handling of the Spanish crisis said.
Both the European Union and IMF want to avoid having to bail out Spain at all costs, the people said, but early planning is under way given that the country is struggling to raise a €10 billion ($12.4 billion) shortfall in funds to bail out Bankia.
The stakes are extremely high because a three-year rescue loan for Spain could be as much as €300 billion, one person said, although any bailout could involve smaller, shorter-term loans.
Source:
http://online.wsj.com?mod=djemalertEuropenews
Both the European Union and IMF want to avoid having to bail out Spain at all costs, the people said, but early planning is under way given that the country is struggling to raise a €10 billion ($12.4 billion) shortfall in funds to bail out Bankia.
The stakes are extremely high because a three-year rescue loan for Spain could be as much as €300 billion, one person said, although any bailout could involve smaller, shorter-term loans.
Source:
http://online.wsj.com?mod=djemalertEuropenews
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