The European Stability Mechanism, the eurozone's bailout fund, said Thursday it had agreed an early loan repayment with Spain to the tune of $3.5 billion.
BRUSSELS (Pakistan Point News / Sputnik - 20th September, 2018) The European Stability Mechanism, the eurozone's bailout fund, said Thursday it had agreed an early loan repayment with Spain to the tune of $3.5 billion.
"Today the board of Directors of the European Stability Mechanism (ESM) approved a request by the Spanish government to make a voluntary early repayment of ��3 billion towards its ESM loan," it said in a press release.
This leaves Spain, which emerged from a four-year financial crisis in 2014, with roughly $27.9 billion in outstanding debt to the 19-nation emergency fund.
The ESM gave around $48.6 billion to cash-strapped Spain between December 2012 and 2013 to recapitalize its banking sector. The last repayment of that loan is due at the end of 2027.
