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[url=http://www.cheapwholesalenhl.com/custom-jerseys-c-1.html]Custom Jerseys[/url]BRUSSELS, July 10 () -- Eurozone finance ministers agreed to bail out Spain by giving a first payment of 30 billion euros (37 billion U.S. dollars) to its reeling banks by the end of July, Eurogroup President Jean-Claude Juncker said here early Tuesday.Juncker said that after nine hours of talks, the ministers from the 17 nations using the euro reached a draft memorandum of understanding on Spain and were "aiming at reaching a formal agreement in the second half of July."Under the agreement, the reimbursement deadlines were set "up to 15 years," Juncker said.The ministers also agreed to give Spain one extra year - until 2014 - to cut its public deficit to the European Union limit of 3 percent of its gross domestic product, Juncker said.Spanish government bond surged recently, showing strong worries about the country's debt outlook.Special Report: Global Financial Crisis
PARIS, May 11 () -- French president-elect Francois Hollande on Friday said he anticipated gloomy growth and deficit estimations by the European Commission, adding he would take decisions to promote growth and stick to deficit reduction targets."I already knew for weeks that there was a degradation more important than the outgoing government said about our public accounts," Hollande was quoted as saying by BFMTV."We have a confirmation and it deserves to be watched and analyzed. I await the report of the Audit Office and then to take the appropriate decisions," he added.According to European Commission, France's gross domestic product would grow by 0.5 percent in 2012 and by 1.3 percent next year, down by three point percentages from Hollande's growth traget.Brussels forecast France's budget deficit at 4.2 percent of GDP in 2013, up from the 3 percent estimate of the newly elected head of state.Hollande promised to eliminate the budget gap in 2017 and to accelerate growth by 2015 to 2.5 percent.
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