The managing director of the International Monetary Fund (IMF), Christine Lagarde, on Saturday praised the decision of the Euro group panel of eurozone finance ministers to extend a 100-billion-euro credit line to Spain. "I strongly welcome the statement by the Euro group, which complements the measures taken by the Spanish authorities in recent weeks to strengthen the banking system," Lagarde was quoted as saying by DPA. The funds would provide a "a credible back stop" for recapitalizing the weakest part of the Spanish financial system, she said, and were consistent with what the IMF had identified to be Spain's minimum capital requirements.
