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Spanish PM lauds bank rescue as 'victory for euro'

  • Spanish Prime Minister Mariano Rajoy has praised a decision by eurozone finance ministers to help the country rescue its struggling banking sector as a victory for the European common currency.

    On Saturday, eurozone ministers agreed to lend Madrid $125 billion to assist banks hit by bad property loans.

    The move was also welcomed by the United States and the International Monetary Fund (IMF).

    Speaking at a news conference in the Spanish capital, Rajoy said efforts made by his center-right government had avoided a wider state bailout.

    The exact amount Spain will receive will be decided after the completion of two audits of its banks, expected to be ready by the end of the week.

    The money will come the European Financial Stability Facility (EFSF) and the European Stability Mechanism (ESM), which will be launched next month.