STOCK MARKET WATCH -- Wednesday, 28 November 2012

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15. SPAIN'S BAILED-OUT BANKS TO SLASH SIZE BY 60 PCT

http://hosted.ap.org/dynamic/stories/E/EU_SPAIN_FINANCIAL_CRISIS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-11-28-08-42-17

MADRID (AP) -- European Union authorities have approved the payment of (EURO)37 billion ($47.96 billion) in bailout loans to four of Spain's struggling banks - provided each of them cut their loans and investments by 60 percent.

The plan cleared Wednesday by the EU Commission in Brussels will see Bankia getting (EURO)18 billion, Catalunya Caixa (EURO)9 billion, Novagalicia (EURO)5.5 billion and Valencia Bank (EURO)4.5 billion.

The (EURO)37 billion is part of a (EURO)100 billion credit line approved by the other 16 EU countries that use the euro to shore up banks hit by the country's 2008 property market collapse.