Spain needs to make significant spending cuts and see a major boost in state revenues -- but its most recent reforms apparently fall short by some nine billion euros. As tensions rise, the country still awaits the approval of 100 billion euros in emergency aid.


The legally binding loan agreement will only be approved at a further Euro Group meeting on July 20. But before the loans can be made, national governments or parliaments must first approve it, including the German parliament, the Bundestag, which will vote on the matter in a special sitting on Thursday.

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