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EUROZONE FINANCE MINISTERS have formally agreed to a bailout of up to €100 billion for Spain’s banking sector – in a move which confirms that the Spanish taxpayer will still, for the time being, remain responsible for ensuring the loans are repaid.
In a statement this afternoon ministers said they had unanimously agreed to grant financial assistance, after the European Commission recommended providing a loan to recapitalise the national banks.
This, it added, was “warranted to safeguard financial stability in the euro area as a whole”.
Ministers said the terms and conditions applied to the loan would “of bank-specific measures”, including detailed plans for restructuring the plans and wider reforms of the banking sector.
“This conditionality will be enshrined in a Memorandum of Understanding that will be signed in the coming days,” it said.
The loans will be channelled through the Fund for Orderly Bank Restructuring (FOBR), a Spanish government agency, with the government formally retaining full responsibility for the financial assistance.
This means that any proposal to split formally split the sovereign and banking sectors has not been brought to fruition for the time being, though the statement stops short of asserting that the payments will be added to Spain’s national debt.
Funding will be drawn from the European Financial Stability Facility until the new permanent bailout fund, the European Stability Mechanism, is established – which is likely to formally occur on July 9.
Ministers asserted that neither fund will have preferred creditor status, a move which will encourage third party investors who would stand a greater chance of receiving at least some compensation if the banks were allowed to go to the wall.
The EFSF has set aside €30 billion to cater to institutions which need the recapitalisation as a matter of urgency.
“The Eurogroup is convinced that the reforms attached to this financial agreement will contribute to ensuring a return of all parts of the Spanish banking sector to soundness and stability,” ministers said.
The deal – reached through a teleconference of ministers this morning – comes the morning after widespread protests across Spain at a €65 billion package of government austerity measures announced by prime minister Mariano Rajoy.
Though the terms and conditions for the Spanish banking bailout will specifically apply to the banks and not to the government itself, Spain is still under an ‘excessive deficit procedure’ under which it is required to take action to bring its budget deficit within EU limits.
The cost of borrowing for the Spanish government this afternoon cleared the 7 per cent barrier, standing at 7.23 per cent for a 10-year loan.
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Sad
Sad. but more or less sad than those killed by extremists in Nigeria. I guess a first world life is worth more media exposure……….
Thats all over the news too. People tend to focus on things closer to home, which kind of makes a bit of sense. Maybe you should drop the sensor settings on your racism radar down a notch or two.
Never heard of the Developed World being classified as a Race before, we must have gone to different schools……
Very sad, no wonder so many Jews are emigrating to Israel, even with the 3rd highest population of Jews in the world. It will no doubt continue after this terrorist attack. The virulent anti semitism of French society that peaked during the terrible WW2 Vichy collaboration receded, only to be replaced more recently by the Islamic extremist version.
Interesting to see the selective condemnation of the Charlie Hebdo attack from Hamas, yet only silence from them about the attack on the Kosher shop.
And Hamas’s belated condemnation of the Charlie attack came only after its newspaper Al-Risala’s Facebook page had lauded “the heroic actions of the three freedom fighters”. Needless to say, that post was subsequently removed.
Unfortunate and very sad there should be no murder no matter who you are. Unfortunatly, now lebanon will suffer even more with the exidus from france.
@Jurgen
French Jewry know that Hollande and socialists get 93% of muslim vote to keep him in power and that comes with a price.
Ex. Netanya not invited to Paris but when decided to go anyways Hollande quickly sent an invite to Mahmoud Abass and put him in front row with world leaders. However, Netanya wasn’t gonna let gurriers like Hollande and Abass get one over on him and so elbowed his way to the front row. Look at the foto again and see who stands out as the most respectable and trustworthy-looking of the lot.
We have no say what religion we were born into.
Paddy your full of poo
@PaddyOConnor, Not sure what reports you read wherever you are Paddy, but think there’s a few bits they left out. Here’s what the Irish Times reported as follows:
“Israeli media reported that the Elysee palace had conveyed an explicit message to Jerusalem that they did not want Mr Netanyahu or Palestinian president Mahmoud Abbas to attend Sunday’s rally because they wanted the focus to be on French unity.
Mr Netanyahu, in the middle of an election campaign, originally agreed but then changed his mind when he realised that Mr Lieberman and economy minister Naftali Bennet, both leaders of rival right-wing parties, were travelling to Paris.
Once at the rally, Mr Netanyahu, allocated a place in the second row of world leaders, allegedly forced himself to the front of the march.
Yair Lapid, leader of the Yesh Atid party, said Mr Netanyahu’s behaviour showed the world “the impolite Israeli, the pushy Israeli, and that is unfortunate.”
@Yippie dee.- Not impolite just normal macho response to attempted slight by a pair of jerks.
Did the Irish Times print the Mo cartoon?
As you know what politicians say in an election campaign is to be taken with a grain of salt.
If what Netanya’s opposition says is true, that he’s a boor, then he’ll lose votes but the Israeli press,in general, is very positive about his behaviour in Paris. Good Luck to Netanya….
@PaddyOConnor, Re: Mo cartoon question, I couldn’t tell you I don’t work for the IT.
“The Israeli press, in general, is very positive about his behaviour in Paris.”
Oh I’d say they are.
By the by, you seen the pictures of the murdered Palestinian journalists by any chance?
Sure you couldn’t miss them, vests with word “Press” clearly marked across their chests and backs.
I wonder did the Israeli press publish them.
@Yippy et al- For your info see both entries below-
Latest Analysis and Commentary
Open Letter to the French President
by A Palestinian Journalist in Ramallah • January 14, 2015 at 5:00 am
Your Excellency, many Palestinians nearly fell off their chairs upon seeing their president march at the front row of a rally in your capital to protest against terrorism and assaults on freedom of the media.
Undoubtedly, you are unaware of the fact that President Abbas is personally responsible for punishing Palestinian journalists who dare to criticize him or express their views in public. Every day we see that the Western media, including French newspapers and magazines, does not care about such violations UNLESS THEY ARE COMMITTED BY ISRAEL.
Your Excellency, you are completely mistaken if you believe that Abbas and his Palestinian Authority are tolerant toward satire or any form of criticism. While he was attending the rally, a human rights group published a report accusing the Palestinian Authority of “waging war” against university students in the West Bank.
President Abbas has managed once again to deceive you and the rest of the international community. He now has managed to create the false impression that he cares about freedom of speech and independent journalism
Palestinians like me will now pay a heaver price because Abbas has been emboldened and will now step up his assaults. France will be helping to establish another corrupt and repressive Arab dictatorship — one that glorifies and rewards terrorists no different from those who carried out the Paris attacks.
I hope now your Excellency understands why I am too scared to reveal my identity
From Gatestone Institute- today.
And from Wiki
Freedom of the press[edit]
As of 2006, sixteen Palestinian journalists have been killed or wounded by PA security forces or armed groups.[15]
Abdullah Issa, Palestinian publisher and editor of the on-line magazine Donia al Watan was detained in July 2006 by the Palestinian Authority for publishing a story about the theft of $400,000 from PA Foreign Minister Mahmoud Zahar while visiting Kuwait. The story cast aspersions on Hamas for having large amounts of cash while the Palestinian people were suffering from poverty. This story had appeared elsewhere in the Arabic media. Issa, accused Zahar and Hamas of interfering with freedom of the press in the Palestinian territories and expressed disappointment with Hamas’s failure to reign in corruption as promised in their election platform: “Our people have the right to hold Hamas accountable for the deterioration in their living conditions,…We were hoping that the Hamas government would start chasing and arresting all the murderers and thugs who continue to roam the streets of the Gaza Strip and to open all the cases of financial corruption.” Donia al Watan’s offices have been attacked by masked gunmen and there have been death threats against Issa and staff.[16]
The Al-Aqsa Martyrs’ Brigades has been blamed for a number of attacks on journalists in the West Bank and Gaza Strip and the Arab television station Al-Arabiya’s West Bank offices.[citation needed]
I met a Jewish lawyer from Israel in Prague. He told me countless tales told to him by French Jewish clients who have had to take refuge in Israel.
He was able to provide statistical information on immigration into Israel by French Jewish people. Despite this, a French man , Catholic, flatly contradicted him and asserted that France is the most hospitable country in Europe for Jewish people.
Sometimes, we find it hard to accept reality.
Paddy Irishman, Paddy Israeliman and Paddy Frenchman walk into a bar… and have the dullest conversation in the history of the world.
Joyce in Ulysses:
— I just wanted to say, he said. Ireland, they say, has the honour of being the only country which never persecuted the jews. Do you know that? No. And do you know why?
He frowned sternly on the bright air.
— Why, sir? Stephen asked, beginning to smile.
— Because she never let them in, Mr Deasy said solemnly.
A coughball of laughter leaped from his throat dragging after it a rattling chain of phlegm. He turned back quickly, coughing, laughing, his lifted arms waving to the air.
— She never let them in, he cried again through his laughter as he stamped on gaitered feet over the gravel of the path. That’s why.
How would his religion help him
#Sean. Mr. Deasy assumes the Jews ever wanted to come here in the first place. I’d wager they didn’t.
Ireland is not very jew friendly. Alan shatter for example. I say so many racist posts here about him
The 1906 Limerick Boycott/Pogrom aside of course.
I know Israel is the spiritual home of the Jews but it seems strange that they were flown to Israel for burial even though they were not Israeli. Ok one of them has family there but the other two are being interred in a foreign land away from family and friends. Very different to the Irish way of being close to those who loved you and can visit your grave.
*the other three
Jews are humans too let them live in peace. It goes to shows that the terrorists killed Muslims, Jews and Christians and didn’t even spare the old. RIP
20 and 21, flup sake… thats a tough read..
Deepest respect for the four French citizens of Jewish faith who were buried in Israel today.
Innocent people just shopping at a store. Such a terrible loss for their families and loved ones.
Nice to see that Mr. Netanyahu acknowledged the man of Muslim faith who worked in the Kosher store and risked his life and to seven other Jewish people that day.
Ban the burka
What have French born Islamic extremists got against jews
I’m not sure, but it could have something to do with a certain hadith:
Sahih al-Bukhari, Vol. 4, Book 56, # 791
‘O Muslim! There is a Jew behind me; kill him!’
@Brian O Dálaigh, or maybe try your best to save them as was the case on the day
for the “O Muslim” present in the store.
@Thierry Ratt, Think you may find that Islamic fundamentalist extremists regardless of their country of origin, have a lot against people of every other faith, their own included.
I don’t think you quite followed what I was saying, Yippy. I’m not insinuating all Muslims would be prone to attacking Jews. I simply pointed out a hadith that extremists (i.e. a minority) would find very handy in their justification for attacks against Jews.
@BrianODálaigh, Sure I get ya now, I misinterpreted. Apologies.
Don’t worry, it happens all the time. So often, in fact, that countries go to war over misinterpretations. How fickle a species are we?
Z10 controlled media
I thought Denis o brien controlled the media?
Do all Jewish people who move to Israel go to settlements?
No
No. Most go to Tel Aviv. Only nutcase American ones tend to go to the settlements. And, as a good Israeli friend of mine has said on numerous occasions who as served in the IDF: “It’s not the Palestinians that you have to look out for; it’s the settlers!” As he also said, “the sooner Israel is out of the West Bank the better; and they can have East Jerusalem!”
No discrimination against Jews in Ireland. Well I was in South Africa and met up with a Jewish guy whose family left Limerick due to the “Limerick Boycott” or Limerick Pogrom in 1904. You can Google that. It is not something that we Irish boast about.
Does it really matter what religion??or culture??still humans at the end of the day ): Very sad..Prays to family’s and friends ): RIP
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