Spain launches $12.7bn bank fund
Spain has launched a 9bn euro ($12.7bn; £7.7bn) fund in case any of its troubled banks needs rescuing.Finance Minister Elena Salgado said the money could be used for capital injections, mergers or restructuring.

She said the Fund for Ordered Bank Restructuring would start off with 9bn euros, but that the size of the fund could rise to 90bn euros.

In March, the Bank of Spain took over a regional savings bank in the country’s first bail-out of the current crisis.