WASHINGTON (MNI) – The following statement by IMF Managing Director
Christine Lagarde was released Friday:
Ms. Christine Lagarde, Managing Director of the International
Monetary Fund (IMF), made the following statement today on the decision
by the Eurogroup to provide up to E100 billion in financial assistance
to Spain to strengthen its financial institutions:
“We welcome the decision made today by the Eurogroup to grant
financial assistance from the European Financial Stability Fund (EFSF)
to Spain to recapitalize its banking sector. The recapitalization of
weak banks and the other reforms attached to the agreement are
consistent with the IMF’s recommendations in the recent Financial Sector
Stability Assessment (FSSA) and Concluding Statement of the Article IV
Consultation mission. The implementation of these measures will
contribute to significantly strengthen Spain’s financial system, an
essential step in restoring growth and prosperity in the country.”
** MNI Washington Bureau: 202-371-2121 **
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