FRANKFURT (MNI) – Spain will need a maximum of E62 billion out of
the E100 billion credit line offered by its European partners to
restructure its banking system, Finance Minister Luis de Guindos told
the Frankfurter Allgemeine Zeitung newspaper in an interview released on
Thursday.
De Guindos told the paper that the remaining E38 billion would act
as a “security blanket.”
De Guindos said that Spain expects to return the aid received from
the EU’s rescue funds in full.
“We are responsible for its return. I am convinced that there will
not be the slightest loss for creditors,” de Guindos told the paper.
Eurozone finance ministers agreed early Tuesday to disburse an
initial tranche of E30 billion in aid to Spain by the end of the month
and agreed on the outline of a plan to rescue its troubled banking
sector.
De Guindos also said he believes that the Spanish economy will
recover more quickly than expected as the main growth driver shifts from
construction to exports.
“Spain will change is growth model … I am convinced that the
Spanish economy will be good for a positive surprise in the next three
years.”
— Frankfurt bureau: +49 69 720 142; email: ccermak@marketnews.com —
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