The managing director of the European Stability Mechanism (ESM), Klaus Regling, insisted that Spain’s exit from its bank bailout program was not premature.
In an exclusive interview with CNBC, Regling, who heads up the euro zone’s emergency bailout fund, said Spain’s banks were now “well-restructured.” Last week, the euro zone’s finance ministers agreed to let Spain exit the financial aid program provided for its banks in 2012.
The country used 41 billion euros ($55.4 billion) of the 100 billion euros available to rescue a number of its banks that had come close to collapse. Losses at banks such as Bankia had threatened the government’s finances.
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