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Spain may extend bank debt guarantee program

Source: Reuters - Fri 12th Nov 2010

Spain may ask the European Union for a six-month extension of its program of backing bank debt, a source at the Economy Ministry told Reuters on Friday.

Spain began the program in 2008 at the start of the global financial crisis.

According to Spain's Expansion newspaper, 41 financial entities used the program to guarantee 56.95 billion euros worth of debt in 2008 and 2009.

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