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Spain repays EU debt early

Wed 4th Mar 2015
Spain repays EU debt early

Spain expects to make a further repayment of the bailout loan it received from the EU to rehabilitate its ailing banks, the economy minister said Wednesday.

Spain will transfer some EU1.5 billion to the EU rescue fund in two weeks, ahead of schedule, Economy Minister Luis de Guindos told the press.

The minister said that the Spanish government had initially hoped and planned to make an even larger payment.

"That would be a sign that the situation is returning to normal," de Guindos said, but that the sum was limited to a more conservative payment at the request of the EU themselves.

Spain received a total of EU41.3 billion in bailout funds for its banking sector and has already paid back EU1.3 billion ahead of schedule in 2015.

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