Spain to contribute 2 bln Euros into Greece rescue fund

Spain has agreed to contribute 2 billion € into the joint rescue package proposed by the E.U./I.M.F which is hoped will save the Greek economy, thereby strengthening the Euro as a whole.

Prime Minister Zaptero, who supports the plan, stated how Spain could give 2 billion €, but reminded critics that the money was not a gift, but a loan which would need to be returned with interest. Spain’s Minister for Tax and the Economy, also confirmed that Spain would play it’s part in contributing to the rescue package.

The rescue package will only come into effect in the event that Greece can not re-finance its debt it any other way. As the French put it, the fund would have ‘European dominium’ and ‘will be completed’ by the I.M.F.

The news was welcomed by the stock exchange who took the IBEX 35 back over the 11,000 level after several days of falls, ending Thursday up over 2% at 11,091.

The PP, however, were quick to criticise the Spanish contribution, saying that the country did not have the money to spare, and that any such contribution should be debated in Congress so that the opinions of the general public could be put forward.