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eurozone crisis

Spanish bailout welcomed in Sweden

The chairman of the Swedish parliament's EU committee, Carl B Hamilton, has welcomed Spain’s decision to apply for a €100 billion bailout for its heavily indebted banking sector.

“It’s obvious that Spain has covered up its banks’ problems for a long time,” Hamilton told news agency TT. He added in a press statement that Sweden must actively support EU measures to tackle the banking crisis in Eurozone countries.

On Saturday, Prime Minister Fredrik Reinfeldt ruled out a Swedish financial contribution to any central EU fund for the banking sector.

Spain had resisted pressure from the IMF and the EU to apply for the bailout. The country follows Ireland, Greece and Portugal in seeking help for a heavily indebted banking sector.

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