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Updated: 11:38 AM May 4, 2009
Spain: Plan to Help Banks will Cost Taxpayers Zero
Spain's government says a 30 billion euros ($41 billion) fund it will use to buy assets from banks starved for liquidity will not cost taxpayers a cent.
Posted: 8:06 AM Oct 10, 2008 |
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MADRID, Spain (AP) -- Spain's government says a 30 billion euros ($41 billion) fund it will use to buy assets from banks starved for liquidity will not cost taxpayers a cent.
Deputy Prime Minister Maria Teresa Fernandez de la Vega says this is so because the government will buy only quality assets and be able to resell them once financial markets settle down and the economy rebounds.
She spoke after the Cabinet approved creation of the fund Friday and also raised Spain's bank deposit guarantee limit from 20,000 euros ($27,000) to 50,000 euros ($68,000) in a bid to shore up confidence.
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