EU offers Spain bank financial aid and more time to cut deficit

  • European Union has offered ailing Spain more time and 30 billion euro to save the country’s banks and protect Europe from more debt crises.
  • EU ministers promised to provide the funds with 100 billion euro ($123 billion) potentially available in all.
  • EU finance ministers have also agreed to extend a deadline for Spain to reduce its public deficit to the EU’s 3 % limit by 1 year to 2014
  • The rescue package will be finalized at a special euro zone meeting as countries such as Germany are required to get parliamentary consent for the agreement.

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