LUXEMBOURG (Reuters) - The Eurogroup of euro zone finance ministers formally accepted on Friday a memorandum of understanding with Spain, which will allow Madrid to borrow up to 100 billion euros to recapitalize its banks, Luxembourg's Finance Minister Luc Frieden said.
"We have formalized what we discussed in the past two Eurogroup meetings. We have formally approved the memorandum that lays out the conditions under which Spain can be lent money for the recapitalization of its banks," Frieden told reporters.
"The approval of all 17 ministers is there, and that means that the program can continue. Money will not flow immediately, because work on the analysis of the specific banks is ongoing."
(Reporting by Michele Sinner, writing by Jan Strupczewski; editing by Rex Merrifield)
