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Finnish Parliament approves participation in eurozone rescue package for Spanish banks

Published on July 20, 2012; Published on July 20, 2012

Topics :: Nordic , Spanish bank , Finland , HELSINKI , Spain

HELSINKI - Finland's Parliament has approved a bailout package worth up to €100 billion ($121 billion) for troubled Spanish banks.

Lawmakers voted 109-73 in favour of the deal, with the remaining lawmakers either absent of abstaining in the 200-member Parliament.

Finland's contribution to the package remains unclear but it is estimated to be at least €1.9 billion.

Friday's vote came after Finland had reached a deal earlier this week with Spain on cash collateral worth €770 million in exchange for the Nordic country's participation in the rescue package.

The finance ministers of the 17 eurozone countries are set to approve the Spanish bank bailout later Friday.

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