Spain bank bailout approves by Eurogroup

FRANKFURT (MarketWatch) -- Euro-zone finance ministers on Friday formally approved an agreement with Spain that will allow the country's government to borrow as much as 100 billion euros ($123 billion) from the euro zone's rescue funds to recapitalize its ailing banking sector, news reports said. "We have formally approved the memorandum that lays out the conditions under which Spain can be lent money for the recapitalization of its banks," Luxembourg Finance Minister Luc Frieden told reporters, according to Reuters. Approval was widely expected. Spanish government bonds remained under pressure, with the 10-year yield ES:10YR_ESP +1.58% rising 0.09 percentage point to 7.08%, according to Tradeweb. The euro EURUSD -0.68% was down 0.7% versus the dollar at $1.2192.