Euro finance ministers agree on bailout for Spain; 30 billion euros ready by end of month

Don Melvin, The Associated Press

BRUSSELS - Euro area finance ministers have agreed on the terms of a bailout for Spain's troubled banks, saying that 30 billion euros can be ready by end of this month.

The finance ministers for the 17 countries that use the euro as their official currency will return to Brussels on July 20 to finalize the agreement, officials said early Tuesday morning

As part of the agreement with Spain, finance ministers from all 27 European Union countries are expected Tuesday to approve a one-year extension, until 2014, of Spain's deadline for achieving a budget deficit of 3 per cent.