Spain out of its plan to help banks !!

ECONOMY - Spain will therefore not need a program of care ...

Spain is officially out of bailout for its banks granted in spring 2012 by the euro zone, said Tuesday that European fund has provided 41.3 billion euros.

"The plan of using the ESM for Spain ends with success today. Since it started (...) , the ESM has paid 41.3 billion euros in Spanish government to recapitalize its banking sector. Spain will not require further assistance program , "said the European Stability Mechanism (ESM) in a statement.

Like Ireland before it, Spain will therefore not need a program of care.

Crises in 2008

It is " an impressive achievement ," said Klaus Regling , the head of MES. The assistance provided by the euro zone helped , he said, " the recapitalization and restructuring of Spanish banks in difficulties , which are now on solid ground ."

"Despite the challenges ahead , I am confident that the support of the euro area, combined with structural reforms, the Spanish economy will generate substantial and stable growth," he continued , hailing " the reform efforts of the Spanish authorities and the ability of the population to accept temporary difficulties for the sake of a sustainable recovery . "

Banking rescue

The fourth largest economy in the euro area has been hit twice in 2008 by the bursting of the housing bubble and the onset of the global financial crisis.

She was pushed repeatedly to accept a plan to restore its economy , but successive governments , left and right, have always refused .

In June 2012 , Madrid finally had to resort to a rescue only for its banking sector , with the only help of the euro area. The International Monetary Fund (IMF) had only a monitoring mission in the financial assistance plan , the fourth for a country of the euro area since the start of the debt crisis .

MES will continue to work with the Spanish Government to ensure the full repayment of the loan on time .