The troika, which comprises of the European Commission, the European Central Bank and the International Monetary Fund, will be monitoring Spain's request for a EUR 100 billion bailout for its banking sector, European Union Competition Commissioner Joaquin Almunia said Monday.
"Whoever gives money, never gives it for free," Almunia said in an interview to the Cadena Ser radio. "They want to know what is done with the money."
Further, Almunia, who is also Spanish, said the loans will come with strict conditions, which are yet to be finalized.
The EU official's comments are in contrast to the government's stance. Earlier, the Spanish government had indicated that the bailout would not impose any new austerity measures on the country already under the pressure of several economic problems including recession and high unemployment.
by RTT Staff Writer
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