(ANSAmed) - BRUSSELS, JULY 2 - Experts from the European
Commission and the European Central Bank are in Madrid this week
to assess the situation regarding Spain's
banking-recapitalisation programme.
"We currently have a technical mission in Madrid for talks
with the Spanish authorities and we are preparing a draft
memorandum in the coming days," Simon O'Connor, the new
spokesman for Economic Affairs Commissioner Olli Rehn said in
Brussels Monday.
The exact amount and the conditions will be decided at a
Eurogroup meeting of finance ministers in Brussels on July 9.
The Eurogroup already welcomed the request last month insisting it was warranted to safeguard financial stability in the eurozone. In a statement, the Eurogroup said that the financial assistance would be provided by the European Financial Stability Facility (EFSF) until the European Stability Mechanism (ESM) became available. It added that the Commission would provide a proposal for the necessary policy conditionality that would accompany the financial assistance that would include specific reforms, including restructuring plans in line with EU state-aid rules and horizontal structural reforms of the domestic financial sector. After an agreement has been reached with Spanish authorities, the financial assistance will be endorsed by the Eurogroup, in line with national procedures.(ANSAmed).
The Eurogroup already welcomed the request last month insisting it was warranted to safeguard financial stability in the eurozone. In a statement, the Eurogroup said that the financial assistance would be provided by the European Financial Stability Facility (EFSF) until the European Stability Mechanism (ESM) became available. It added that the Commission would provide a proposal for the necessary policy conditionality that would accompany the financial assistance that would include specific reforms, including restructuring plans in line with EU state-aid rules and horizontal structural reforms of the domestic financial sector. After an agreement has been reached with Spanish authorities, the financial assistance will be endorsed by the Eurogroup, in line with national procedures.(ANSAmed).
