Spain wins restructuring of bank deal

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Series Details 29.6.12
Publication Date 29/06/2012
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Report of decisions taken at the European Council, Brussels, 28-29 June 2012.

Eurozone leaders agreed to radically restructure Spain’s €100bn bank recapitalisation plan, allowing EU bailout funds to eventually be injected directly into teetering Spanish financial institutions, meaning Madrid can sweep the burden of the bailouts off its sovereign books.

The summit agreement also contained some concessions for Italy and Ireland.

In addition, a new banking supervisory body will be created under the auspices of the European Central Bank.

[Note this is an interim report; the summit meeting continued on 29 June 2012]

Related Links
Council of the European Union: Euro Area Summit Statement, 29 June 2012
ESO: Background information: European Council, Brussels, 28-29 June 2012: Preview: EU could rewrite eurozone budgets
ESO: Background information: Spain asks for aid to recapitalise banks
EurActiv, 29.6.12: Merkel bows to Italy, Spain on bonds and bank supervision
EurActiv, 29.6.12: EU countries want their say in shaping Europe’s future
EUObserver, 29.6.12: Italy and Spain get 'breakthrough' deal on bailout funds
BBC News, 29.6.12: Eurozone agrees on bank recapitalisation
Deutsche Welle, 29.6.12: Merkel isolated at EU summit,,16059797,00.html
France24, 29.6.12: Deal on funding banks a 'breakthrough', EU chief says
EUObserver, 29.6.12: Merkel under pressure over summit deal
Spiegel Online International, 29.6.12: How Italy and Spain Defeated Merkel at EU Summit
European Commission: RAPID: SPEECH/12/508: Statement by President Barroso at the intermediary press conference at the European Council
BBC News, 29.6.12: Merkel defends compromise deal on eurozone banks
France inter, 29.6.12: A leap forward (via PressEurop)
El Mundo / El País / Le Figaro / Tageszeitung / Corriere della Sera, 29.6.12: A battle has been won (via PressEurop)
PressEurop, 29.6.12: A bad night for Merkel
ESO: Background information: European Council, Brussels, 28-29 June 2012. Presidency Conclusions

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