News Summary: EU ministers address Spain crisis
SAVING SPAIN: European Union finance ministers are working to secure Spain's teetering economy in meetings in Brussels, with hopes for progress on the bailout loan for the country's stricken banks and a relaxation of the government's financial targets.
THE ISSUE: The 17 countries that use the euro have committed to support a loan for Spain's banks of up to €100 billion ($124 billion), but the precise amount needed may not be known until September, when the results of all the bank inspections are in, EU spokesman Simon O'Connor said Monday.
THE STAKES: Spain is the fourth-largest economy in the eurozone but has been struggling to keep a lid on its government deficit in the midst of a recession. It is also trying to support its troubled banking industry weighed down by toxic loans and assets from a collapsed property market. There are fears that should Spain need a bailout of its own.
