Spain ready to accept financial bailout for its banking sector – DVB-S2 Digital Receiver

Spain on became the fourth and the largest victim of the Europeandebt crisis. Two and a half year after the start of the crisis,Spain on Saturday said it would accept a financial bailout, withEuropean finance ministers offering an aid package of $125 billionfor Spain”s cash starved banks. A nation of almost 47 million; that tried to avoid theembarrassment of a bailout for months, Madrid finally caved in tointernational pressure. World leaders, including German Chancellor Angela Merkel Angela Merkel , had in recent days strongly hinted at the risks of Spanishinactions. Leaders across the world were worried that such inactioncould lead to a full blown financial crisis which would endangerthe euro currency union and lead to turmoil on global markets. STB Receiver

“What we are asking is financial support, and this hasabsolutely nothing to do with a full bailout,” Luis deGuindos, the Spanish economy minister, said at a news conference,according to the New York Times . Guindos further said that the assistance “allows us to havean ample safety margin” and “will return trust andconfidence to the euro project.” European leaders are optimistic that the pledge of such a hugebailout package, prepared in an urgent convention call with Spain,will put down the growing economic disorder to the fore ofelections in Greece that they believe could quiver world marketswith stronger magnitude. It is pertinent to mention here that the financial package offeredby nations that use the euro was almost 3 times the $46 billion inadditional funds the International Monetary Fund (IMF) said was theleast that the shaky Spanish financial industry required to protectagainst intensification of the country”s financial emergency. The elections in Spain may perhaps pass power to a new governmentthat may oppose the provisos of Greece”s aid, possibly makingcontroversial that nation”s prospect in the euro zone andaccelerating the region”s misery. By vaccinating Spain with afinancial bailout package, European leaders were making efforts toborder the likely fallout. DVB-S2 Digital Receiver

Germany”s Finance Minister Wolfgang Schaeuble reportedlydeclared Spain”s decision “welcoming.” “Spain as a whole is well on its way, thanks to reforms ithas set in motion,” Schaeuble said in a statement, accordingto the Washington Post. He further added that “thedetermination by the Spanish government to tackle therecapitalization.”. DVB-C Digital Receiver Manufacturer


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s