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Spain gets an extra year to cut debt

Up to 100 billion euros in emergency loans will be granted to keep Spain's banks afloat, though world markets were not impressed by the action taken.

By Staff Writer | Updated on July 10, 2012

Spain will be given an extra year to get its deficit reduction under control, but markets were not impressed with the action taken by eurozone ministers in a Monday meeting that stretched into Tuesday.

Reuters reported Tuesday that the 9-hour discussion of the terms of a Spanish bailout lasted till the wee hours of Tuesday, with the upshot that Spain will be given a 2013 deadline to reach deficit reduction targets. However, markets were unimpressed, particularly since on Tuesday the German high court would take up a legal challenge to the methods planned for the European Stability Mechanism (ESM) to make it possible to bypass governments and bail out banks directly.

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