Spain to get EU bank aid Dec 15 in return for job losses: report

From reuters.com

European authorities will transfer 35 billion euros to Spain's state bank rescue fund on December 15 in exchange for massive layoffs at Spain's four nationalized banks, including state-rescued Bankia (BKIA.MC), El Pais newspaper reported on Sunday. The cash injection from European bailout funds will be disbursed to troubled Spanish banks two weeks after it is paid into Spain's bank restructuring fund, or FROB, the paper said. Bankia, which sought a 23.5 billion euro bailout from the state in May, is expected to be forced to lay off up to 6,000 people from its current 20,000 staff, while NovaGalicia Bank is seen ... (full story)