- Francisco Gonzalez, BBVA's Chairman
Spanish government is in talks with European Commission about the details of a new rescue plan. Up to 60 billion euros will be needed to bail out Spanish banks, the country's second biggest lender, BBVA, said on Friday. As nation's banking system needs recapitalization, money would, mostly, come from 100 billion euros Spanish bailout fund pledged by Eurozone finance ministers in June.
"We'll get a figure of around 70, 75 or 80 billion euros," BBVA's Chairman Francisco Gonzalez said.
"[I] would not totally exclude that it gains traction over time," the official said. "It does not involve new money to be politically agreed on."
The Stoxx Europe 600 Index added 0.47 per cent to 275.78. Germany's DAX Index rose 0.84 per cent to 7,451.62, while France's CAC 40 Index gained 0.59 per cent to 3,530.72.
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