The European Commission has approved a 37 billion euro bailout for four Spanish banks in exchange for massive job cuts and branch closures.<br /><br />The funds approved will be provided by the European Stability Mechanism, the eurozone bailout fund.<br /><br />Spain has negotiated a banking bailout worth 100 billion euros but said it won't claim the full amount.<br /><br />...<br />http://www.euronews.net/
