Zapatero announces savings bank guarantee of 100,000 Euros

Zapatero announces savings bank guarantee of 100,000 Euros
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By h.b. - Oct 8, 2008 - 6:17 AM

The Spanish Prime Minister, José Luis Rodríguez Zapatero - Photo EFE

The Prime Minister and the cabinet has decided to give a greater guarantee to savers than seen elsewhere in the European Union.

The Spanish State is proposing to guarantee savings up to a 100,000 € limit for bank accounts here. The Prime Minister, José Luis Rodríguez Zapatero, announced the decision of the cabinet last night, doubling the new EU wide guarantee level of 50,000 € which was agreed by the 27 member countries of the European Union.

The 100,000 € limit here still falls short of the 100% guarantee announced firstly by Ireland, and then by Germany, Poland and Greece. Zapatero has said that he wants to work in line with the European Institutions and he supported the call for European union as launched by French President Nicolas Sarkozy, who he travels to see in Paris on Friday.

Spain has also supported the idea of creating a fund for banks and savings banks worth 30 billion €, which could be extended to 50 billion € for the purchase of the assets of other financial entities and to help supply credit to companies and individuals.

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