Spain Gets Bailout
In a decision that European officials welcomed on June 9, Spain will ask for a bailout
for banks felled by bad real estate
loans, and the move could cost up to euro 100 billion.
一项新决议让欧洲官员欢迎 6 月 9 日的到来，西班牙因为不良的房地产贷款需要请求欧元区银行提供紧急援助，并且此举可能耗资高达1000 亿欧元。
A rescue for Spain will be Europe’s fourth since the single currency bloc
’s debt crisis erupted
two years ago. While Spain’s leaders have long said it would not need help righting its financial sector
, markets have been nonetheless
concerned about its ability to pay its way.
Spain’s Economy Minister Luis de Guindos said the aid will go to the banking sector only. A statement from the finance ministers of the 17 countries that use the euro explained that the money would be fed directly into a fund Spain set up to recapitalize
its banks, but underscored that the Spanish government is ultimately
responsible for the loan.
西班牙经济部长路易斯•得金多斯说，援助将只会对银行业进行。使用欧元的 17 个国家的财政部长们声明解释说这笔钱将直接送入西班牙成立其银行资本重组的资金，但是也强调了西班牙政府最后得对这些贷款基金负责。
The exact figure of the bailout, however, has not yet been decided. De Guindos said the country is waiting until independent audits
of the country’s banking sector have been carried out before asking for a specific amount. De Guindos did say, however, that Spain would request enough money for recapitalization
. The eurogroup
statement said that meant the cost could reach euro 100 billion.
With markets in turmoil
, de Guindos said the government’s efforts to shore up the financial sector must be completed with the necessary resources to finance the needs of recapitalization. “Therefore, the Spanish government states its intention to request European financing for the recapitalization of banks that need it,” the minister told a press conference
The Spanish acceptance of aid for its banks is a big embarrassment for Prime Minister Mariano Rajoy (马里亚诺•拉霍伊), who insisted just 10 days ago that the banking sector would not need a bailout. But since then pressure has been piled on Madrid to ask for help for its banks, which are struggling with toxic
real estate loans and assets.
西班牙为其银行接受援助是首相马里亚诺 • 霍的一个大尴尬，因他在 10 天前坚持银行业将不需要紧急援助。但自那以后，马德里经济压力的堆积迫使它向其银行请求帮助，因为它正在苦苦挣扎在毒药般的房地产贷款和泡沫资产之中。
Spain was hit recently with a downgrade
of its credit rating to just two notches
above junk by credit rating agency Fitch, which estimated
Spanish banks may need as much as (euro) 100 billion.
西班牙最近屡受打击，因为国际评级机构惠誉将其信用评级下调至仅比垃圾级多二级。以此估计西班牙银行可能需要（欧元） 1000 亿。
Who has been very embarrassed after The Spanish accepted the aid for its banks?
A Prime Minister Mariano Rajoy
B Spain’s Economy Minister Luis de Guindos