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Spanish bailout approved

Spanish bailout approved
Finance ministers from eurozone countries have formally approved the €100bn bailout to recapitalise beleaguered Spanish banks, as the IMF warns austerity may be counterproductive.

Ministers have signed a memorandum of understanding, with the exact terms of the agreement to be decided upon by September. Spanish police were forced to fire rubber bullets at violent protesters in Madrid last night, following a day of nationwide protests against government spending cuts.

Green Box: Spanish bailout approvedClick to open

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