EU fund plans '100bn euro Spain bailout'

The European Union's bailout fund is working on a 100 billion euro ($A121 billion) package for Spanish banks, a German news weekly says.

Der Spiegel says an initial 30 billion euro payment to Spain is planned for the end of July. The magazine says it obtained a confidential draft plan by senior officials at the European Financial Stability Facility which foresees that 20 billion euros would go toward shoring up Spanish banks' short-term finances.

Another 10 billion euros would be reserved as a longer-term emergency buffer. Der Spiegel said on Saturday that three further payments totalling 45 billion euros would be made by June 2013.

Up to 25 billion euros would also be made available to create a "bad bank" to buy up hard-to-sell debt.

Spain's Economy Ministry wasn't immediately able to comment on the report.


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