EU to Lend Spanish Banks $125 Billion

 Eurozone finance ministers have agreed to lend Spain up to $125 billion to shore up its failing banks.

Ministers of 17 countries that use the common currency made the decision Saturday after heated debate.

Economy Minister Luis de Guindos announced earlier in the day that the Spanish government is asking for European financial help to recapitalize its banks.

He said the deal imposed no conditions on the overall Spanish economy, and no new austerity measures.

The exact loan amount will be determined¹ once independent audits² are completed later this month.  

Spain has long rejected reports that it would need bailout loans like Greece, Ireland and Portugal.  But Prime Minister Mariano Rajoy's conservative government had to bow to rising pressure from the markets, which have sent its borrowing costs soaring.

German Finance Minister Wolfgang Schaeuble hailed the deal for Spain as a signal of European solidarity³.         

"The message to Spain is the same as to everyone else. We all stand together in solidarity," he said. " Everybody has to solve their problems. We have the necessary instruments. They are available, but the conditions are that the problems being faced by those particular countries are then dealt with. All in all, regarding its financial and economic policies, Spain is doing the right thing but the banking⁴ sector⁵ in Spain needs an increased extra injection of capital and at the moment Spain - in light of the increased interest rates, cannot afford this.''  

U.S. Treasury⁶ Secretary Timothy Geithner said the United States welcomes the deal.  The administration is worried that the eurozone crisis could drag the U.S. economy down in an election year and has urged its leaders to stabilize⁷ the common currency.

Eurozone ministers said they were confident Spain would honor commitments to cut the deficit⁸ and restructure the economy, but that progress would be closely monitored.

Policymakers hope the rescue will satisfy financial markets and secure Spain ahead of the Greek elections June 17, which could lead to a destabilizing exit from the euro zone.

1 determined   

adj.坚定的；有决心的

参考例句：

• I have determined on going to Tibet after graduation.我已决定毕业后去西藏。
• He determined to view the rooms behind the office.他决定查看一下办公室后面的房间。

2 audits   

n.审计，查账( audit的名词复数 )v.审计，查账( audit的第三人称单数 )

参考例句：

• Requires that use of all bond funds is subject to independent audits. 需要使用的所有债券基金是受独立审计。 来自互联网
• Support the locations during customer-visits, audits and quality-improvement programs. 支持客户参观，稽核和提高品质等项目。 来自互联网

3 solidarity   

n.团结；休戚相关

参考例句：

• They must preserve their solidarity.他们必须维护他们的团结。
• The solidarity among China's various nationalities is as firm as a rock.中国各族人民之间的团结坚如磐石。

4 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

5 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

6 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

7 stabilize   

vt.（使）稳定，使稳固，使稳定平衡；vi.稳定

参考例句：

• They are eager to stabilize currencies.他们急于稳定货币。
• His blood pressure tended to stabilize.他的血压趋向稳定。

8 deficit   

n.亏空，亏损；赤字，逆差

参考例句：

• The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
• We have a great deficit this year.我们今年有很大亏损。