Ms Lagarde said: "The IMF stands ready, at the invitation of the Eurogroup members, to support the implementation and monitoring of this financial assistance through regular reporting".
Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the statement, following the announcement by the Eurogroup of its willingness to support Spain financially in its efforts further to strengthen the country’s banking sector: “I strongly welcome the statement by the Eurogroup, which complements the measures taken by the Spanish authorities in recent weeks to strengthen the banking system. Providing a credible back stop to recapitalise weaker segments of the banking system has been a key recommendation of the IMF's recent Financial Sector Assessment Programme (FSAP) conducted in Spain. The willingness of Spain’s euro area partners financially to support the Fund for Orderly Bank Restructuring (FROB) with up to €100 billion is a crucial step for the success of the Spanish authorities’ strategy. This scale of proposed financing, which is consistent with the capital needs identified in the FSAP, gives assurance that the financing needs of Spain's banking system will be fully met."
Press release
© International Monetary Fund
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