Source: Reuters. "Euro zone finance ministers agreed on Saturday to lend Spain up to 100 billion euros ($125 billion) to shore up its teetering banks and Madrid said it would specify precisely how much it needs once independent audits report in just over a week."
Source: CNBC. "Mario Draghi, European Commission boss Jose-Manuel Barroso, the European Council chief Herman Van Rompuy and Eurogroup chair Jean-Claude Juncker are working on plans for a “genuine fiscal union.” The report cites four senior sources.
Under the plan, governments would only be able to spend money they have covered by revenue, and would need sign-off from a powerful group of finance ministers—led by a "European Finance Minister"—if they want to borrow. Only once they have this sign-off can new money be borrowed via the issuance of a Eurobond. "
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