U.S. welcomes Spain’s bank recapitalization action
US Treasury Secretary Timothy Geithner on Saturday said he welcomed Spain’s Spain’s appeal to the eurozone for a 100-billion-euro ($125 billion) lifeline for its banks.
“We welcome Spain’s action to recapitalize its banking system and the commitment by its European partners to provide support,” Geithner said in a brief statement.
“These are important for the health of Spain’s economy and as concrete steps on the path to financial union, which is vital to the resilience of the euro area,” Geithner said.
Spain requested the European lifeline Saturday to save its stricken banks and try to avert a broader financial disaster.
Fellow finance ministers in the 17-nation eurozone accepted the plea in a statement Saturday released after an emergency video conference lasting more than two hours.
The deal imposed no conditions on the overall Spanish economy, and no new austerity measures.
Brand new on Raw Story
- South Carolina governor appointed white supremacist to steering committee
- International theft of U.S. intellectual property costs $300 billion per year: report
- House Foreign Affairs Committee approves harsh new Iran sanctions
- Eric Holder officially admits U.S. drone strikes killed four Americans
- Anti-abortion leader faces criticism after comparing rape to car accidents
- FDA approves first study on ecstasy-assisted therapy for social anxiety in autistic adults
- Sen. Bernie Sanders pushes to allow states to label genetically engineered foods
- Muslim leaders pray at Auschwitz during a Holocaust awareness visit
- IAEA says Iran expanding nuclear program
- IRS director Lois Lerner refuses to testify at House hearing
Commentary
Tone policing only goes one way
By Amanda Marcotte
The Orange Couch does Mad Men: S7E8, “The Crash”
By Amanda Marcotte
An open letter to the Center for Inquiry
By Amanda Marcotte
Raw Exclusives
Featured Video
Follow Us!
