Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

IMF says Spain's banks making good progress

Send a link to a friend

[October 27, 2012]  MADRID (AP) -- The International Monetary Fund says Spain's banking sector has made good and timely progress in meeting the terms of its bailout.

The IMF is monitoring the Spanish government's progress in reforming the banking sector, which has been badly hurt by a property sector collapse in 2008. Spain agreed to the reforms in exchange for a euro100 billion ($129 billion) loan from fellow eurozone nations to help prop up its banks.

The IMF report says that important progress was made in reforming the financial sector and "all deadlines established in the Memorandum of Understanding agreed between the Spanish and European authorities have been met."

The report said Friday that "capital shortfalls need to be quickly made up" and "non-viable banks promptly wound down."

[Associated Press]

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


< Recent articles

Back to top


News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries

Community | Perspectives | Law & Courts | Leisure Time | Spiritual Life | Health & Fitness | Teen Scene
Calendar | Letters to the Editor