Spanish contribution to Greek rescue plan

Spain to contribute 10,000 million euros to rescue plan for Greek economy

The Spanish contribution to the aid package for Greek economy will be 9,792 million euros between 2010 and 2012. This year the Spanish government will give Greece 3,672 million euros as agreed last month in a meeting with other Eurozone countries.

Speaking yesterday at the end of an emergency meeting with other Finance Ministers from Eurozone countries the second Vice-president and Minister for the Economy, Elena Salgado, said that Spain would contribute 12.24% of the total aid package agreed with other Eurozone countries amounting to 80,000 million euros. The total aid package will rise to 110,000 million euros over a three year period.

Salgado explained that in contrast with other Eurozone countries the Spanish contribution to the aid package did not need to be approved by parliament but instead by a decree planned for the 7th May. She said that the European Commission would be responsible for fixing the dates on which Eurozone countries must make their contributions.

She said that Greece needed the first instalments by 19th May and said that Spain’s first contribution would be available before this date.

When asked whether the measures designed to save the Greek economy from bankruptcy could serve as a precedent to saving the economies of other Eurozone countries with large budget deficits such as Portugal or Spain, Salgado denied that this was the case. She also denied reports that claim that the Spanish government was under pressure to take more measures itself to reduce its budget deficit.