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Eurozone OKs terms of bailout for Spanish banks
Eurozone finance ministers approve terms of bailout loan for Spanish banks
By The Associated Press

BRUSSELS (AP) Finance ministers from the 17 countries that use the euro have approved the terms for a bailout loan for Spanish banks.

The document the ministers approved in a teleconference Friday calls for strict monitoring of banks that receive aid. It also requires the Spanish government to present this month plans to reduce its budget deficit to under 3 percent of gross domestic product by 2014.

The finance ministers have agreed to lend up to 100 billion ($122.9 billion), and the agreement approved Friday calls for an initial disbursement of 30 billion ($36.9 billion) this month.

The full amount of money needed to shore up Spain's banks is unlikely to be known until September, after individual banks have been assessed.

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