Government of Spain has unexpectedly traded part of state loterias worth 9 billion Euros after the recommendation of the banks and the opposition, who have been in trepidation over fund crisis.

Earlier, the government was planning to augment the public treasury but due to the pressure of the opposition they had to take an immediate decision of selling the treasury.

One of the fund managers notified that banks are in immediate need of capital and the support of finances can only help them out in maintaining their balance sheets.

Loterias have been the major assets in the Spain treasury. It obtains the highest prize fund of any lottery worldwide, and last year nearly 2.3 billion Euros were paid.

Due to the immense pressure from opposition and the banks, the government was left with no option and sold those loterias at a low price. The decision might prove a fiasco for Spain as some economists feel that there is no money to cut down the borrowings and there are no chances of premium as the country has not sold its prize assets.

PP economy secretary, Cristobal Montoro stated that the decision was completely political and does not carry any interest.