Author(s): European Commission
A joint mission, including EC, ECB, EBA, EFSF, and IMF visited Madrid from 27 June to 4 July 2012 following a request by the Spanish government for external financial assistance under the terms of the Financial Assistance for the Recapitalisation of Financial Institutions by the European Financial Stability Facility (EFSF). On 4 July the mission concluded a staff level agreement for a financing package of up to EUR 100 billion for recapitalisation and restructuring of the Spanish financial sector. The Memorandum of Understanding (MoU) was signed on 23 July. This report by European Commission staff provides an overview of the challenges faced by Spain and its financial sector, discussions with the authorities, and the objectives and design of the financial sector adjustment programme.
|ISBN 978-92-79-22918-3 (online)|
|doi: 10.2765/24435 (online)|
Occasional Papers are written by the staff of the Directorate-General for Economic and Financial Affairs, or by experts working in association with them. The Papers are intended to increase awareness of the technical work being done by staff and cover a wide spectrum of subjects. Views expressed in unofficial documents do not necessarily reflect the official views of the European Commission.