Spain's Economy Minister says $125bln enough for banksSeptember 3, 2012 - 15:15 AMT PanARMENIAN.Net - Spain's Economy Minister says he doesn't expect his country's banks to need all of the €100 billion ($125.7 billion) being provided by the countries that use the euro to prevent the Spanish financial sector's collapse, The Associated Press reports. Spain's banks have an estimated €184 billion in problematic real estate loans and investments following the collapse of the country's property market in 2008. The other 16 eurozone countries have set aside a rescue package for troubled Spanish lenders. Economy Minister Luis de Guindos told Onda Cero radio Monday, Sept 3, that, "In principle, it looks like not all of (the €100 billion) will be used." De Guindos said austerity policies being enacted by the government will be enough for Spain to meet its budget deficit target of 6.3 percent this year without additional measures. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Lemkin Institute petition seeks release of Armenians in Azerbaijan The Lemkin Institute is deeply concerned about the continued illegal detention of political prisoners from Karabakh in Azerbaijan. Armenian Catholicos calls for national unity against threats Karekin II issued a message on Republic Day marking the anniversary of the First Armenian Republic. Pashinyan: Armenia’s desired goal is “on the horizon” Prime Minister Nikol Pashinyan has said that Armenia is moving forward “without interruption”. Opposition leader, supporters spend night at Sardarapat memorial Police made nearly 300 arrests the day before as Galstanyan and his supporters continued to demonstrate in Yerevan. |