Spain’s bailout ‘not on better terms’

The Government has insisted Spain did not get a better bailout deal than Ireland under the weekend deal to lend it €100bn from EU funds to rescue its banks.

In the wake of the agreement, junior finance minister Brian Hayes warned that an EU-wide banking solution allowing its funds to directly re-capitalise banks “may or may not” happen.

The Government had hoped any deal to directly inject cash into the Spanish banks could be applied retrospectively to Ireland.