BRUSSELS Nov 28 Spain's restructured banks will
need 37 billion euros ($47.84 billion) and will cut their
network of branches by up to 50 percent, while their bondholders
will face losses, the European Commission said on Wednesday.
"What we've approved today means that the funds for the
European Stability Mechanism can be disbursed," EU Commissioner
Joaquin Almunia told a news conference, referring to the euro
zone's permanent rescue fund that has agreed to lend funds to
recapitalise Spain's banks.
"The total amount adopted today is 37 billion euros,"