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Spain to contribute 5 Bln Euros to Portugal bailout fund

Wed 18th May 2011

Elena Salgado, Spain's Minister for the Economy, announced yesterday that Spain will contribute up to 5 billion euros to the 78 billion euros rescue fund proposed for Portugal.

The Minister announced that the sum as not a loan as such as it would be given in the form of guarantees. The country's contribution represents 12.7% of the 26 billion euro rescue fund given that Spain is a member of the Central European Bank and of the European Financial Stability Facility (EFSF) created a year ago by the members of the Eurozone.

The bailout fund is expected to cover Portugal's financial requirements for the next three years.

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