The Spanish parliament on Thursday gave wide backing to a financial reform aimed at forcing banks to clean up their balance sheets and at restoring investor confidence. The reform obliges banks to set aside provisions to cover toxic real estate assets. Economy Minister Luis de Guindos put the total amount of the provisions at 52 billion euros (67 billion dollars), up from an earlier estimate of 50 billion euros, dpa reported. The reform had been certain to be approved by parliament, where Prime Minister Mariano Rajoy's conservative People's Party (PP) has an absolute majority. But it also received the backing of the main opposition Socialist Party and several smaller parties. The reform received 303 votes in favor and only 28 against, while six legislators abstained.
