Recently, the money needed to aid Spin in overcoming the financial turmoil was recalculated by the International Monetary Fund. During the recalculation it was found that the money actually needed was less then it was previously estimated.
The Managing Director of International Monetary Fund (IMF), Christine Lagarde, said, "The number is lower than what was feared initially by the Europeans and by the Spaniards". The statement was published in the Wall Street Journal.
The estimation of the financial aid was made by the IMF in the month of June. It has been estimated that the banks of Spain needs 40 billion Euros instead of 100 billion Euros which was earlier predicted. The new estimation has a bit eased up the tension of the Spain. But, still it has to gather the funds so that the nation could be freed from the debts.
The European banks are playing major role in helping Spain in overcoming the disastrous financial downturn. However, Spain is also required to perform well with the implementation of austerity strategies or plans so that profits could be earned. Spain is hopeful of recovering from the debt crisis soon.
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