Spain bank bailout agreed

A Eurogroup statement says it has agreed to lend up to 100 billion Euros to Spain, but Spain says it won't formally request the cash until it is clear exactly how much its struggling banks need.

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Spanish prime minister blames 'Socialist administration'

Spanish prime minister Mariano Rajoy has defended his government's attempts to stabalise its troubled financial sector Credit: Reuters

Spanish prime minister Mariano Rajoy has defended his government's attempts to shore up the country's troubled financial sector, blaming the previous Socialist administration for failing to deal with the problem in 2009.

During a parliamentary debate on the offer of a loan of up to 100 billion euro (£80 billion) from the 17 eurozone countries, Mr Rajoy blamed then-governing Socialists for refusing to acknowledge Spain's banks were vulnerable over a property boom that went bust.

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