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Spain's PM hails IMF bailout

Published:Sunday | June 10, 2012 | 6:55 AM

Spanish prime minister has hailed a decision by euro zone finance ministers to help Spain shore up its struggling banks as a victory for the European common currency.

On Saturday, the eurozone ministers agreed to lend Madrid up to 100 billion euros to help banks hit by bad property loans.

The US and the International Monetary Fund also welcomed the move.

Mariano Rajoy told a news conference in Madrid that efforts by his centre-right government to restore Spain's public had avoided a wider state bailout.