Stock Markets Up on News of Spanish Bailout Agreement
(NEW YORK) — Global stock markets are mostly higher Tuesday morning after European finance ministers made progress on easing Spain’s banking crisis.
They agreed to make as much as $30 billion available to Spanish banks by the end of this month. The rescue had been called for after the banks were weakened by toxic loans from a collapsed property market.
After the agreement was announced, yields on 10-year Spanish government bonds fell below 7 percent. The news also pushed European markets and U.S. stock futures up.
The finance ministers will need the approval of their respective governments before they can finalize the agreement on July 20, when they return to Brussels.
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