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EU says rescue program for Spain's banks on track

The rescue program for Spain's banks is on track, according to a review by EU authorities, but the country faces significant economic challenges, including high unemployment and a shrinking economy.

By Associated Press | Updated on February 04, 2013

BRUSSELS (AP) — The rescue program for Spain’s banks is on track, according to a review by EU authorities, but the country faces significant economic challenges, including high unemployment and a shrinking economy.

Spain last year agreed to a rescue of its banking sector, which took huge losses on the real estate market’s collapse in 2008. Spain’s 16 fellow member states in the eurozone have given it a €100 billion ($136 billion) credit line to help the banks. Madrid has so far drawn €39.5 billion and promised broad reforms of the financial sector.

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