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News Summary: Spain urged to delay 'bad bank'
Friday - 8/24/2012, 12:41pm EDT
(AP) - BAD BANK: The European Commission has asked Spain to delay by another week the plans to create a "bad bank", a fund pooling much of its financial sector's soured property investments, so that experts in Brussels can review the project, the government in Madrid said Friday.
THE DELAY: The plan was initially scheduled to be approved at Friday's Cabinet meeting, but will now is scheduled to be cleared at the next ministers' meeting Aug. 31.
THE PURPOSE: Spain must create the "bad bank" as a condition for accessing a loan of up to (EURO)100 billion ($125.5 billion) from the 16 other countries using the euro to fix its troubled banks.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)