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Spain Accepts Bailout for Its Banks as Leader Warns of Tough Year Ahead – NYTimes.com

By RAPHAEL MINDER

MADRID — The Spanish prime minister on Sunday called his country’s banking rescue by Europe a victory for the euro zone but hastened to describe it as a deal that was drawn up on his country’s own terms.

“Nobody pressured me, I was the one who pressured to get credit,” Prime Minister Mariano Rajoy said at a news conference here. The aid, worth up to €100 billion, or about $125 billion, for its cash-starved banks, is a deal, he said, that ensured “the credibility of the European project, the future of the euro, the solidity of our financial system and the possibility that credit will flow again.”

Mr. Rajoy also insisted on Sunday that Spain was merely receiving “a line of credit” and not a full-flegged bailout. The money would be channeled to its bank restructuring fund in order to replenish the reserves of its weakest institutions, a loan structure different from the bailouts and tough conditions negotiated by international creditors to help the ailing economies of Greece, Portugal and Ireland.

via Spain Accepts Bailout for Its Banks as Leader Warns of Tough Year Ahead – NYTimes.com.

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