MADRID (AP) — Spain's economy minister says the government is set to approve a new law creating an asset management agency, or "bad bank," to deal with the toxic assets that have led many Spanish banks to seek an EU bailout.
The toxic assets — expected to total €200 billion euros ($244.9 billion) — will be segregated from the banks, and dealt with by the new agency.
Luis de Guindos said Sunday in an interview with newspaper ABC that the law is up for approval Aug. 24.
The EU is to provide up to €100 billion ($122.9 billion) for banks struggling from non-performing loans, foreclosed property and other unwanted assets resulting from the collapse of Spain's real estate market.
Leading Spanish banks, such as Banco Santander SA, are not expected to need help.
Concealed Carrier Shoots Armed Robber In Detroit... Again. Still. - Bearing Arms - Detroit, Guns Saving Lives, Michigan
Michelle Malkin - Joe Biden's Yuck Factor
Daniel J. Mitchell - Redistribution Is Morally Dubious, Economically Harmful, and It Doesn’t Work
An Unserious Candidate for an Unserious Country | RedState
'Gut wrenching': Deputy Goforth's son wears superhero shirt to funeral he planned to wear with his dad
The Koran’s Contents—Not Carbon Dating—Cast More Doubt on Islam’s Origins | Human Events
CNN: Aide's Fifth Amendment declaration sure makes the Hillary server fiasco look criminal, huh?