It has been revealed, according to a recent report, that Spain is going to pursue its banks to bear the loss incurred due to its multibillion liberations, just before the upcoming general elections.

It was revealed by the Socialist Government of the nation that the banking sector shall be paying for any sort of losses incurred during the process of reorganizing of the local saving banks. They shall o this with aid of the deposited guarantee funds that are backed with support by the industry.

“The financial sector will assume the costs of the clean-up and the recapitalization of the Spanish financial sector so it does not affect the public deficit or the taxpayer”, revealed Economy Minister Elena Salgado.

It was revealed that the new legislation would be able to prevent any more losses to be borne by the state. It was further added that the banks in Spain wouldn’t need to increase their payment levels to deposit guarantee funds in present.

It’s just a matter of time before something concrete comes out of the efforts being made by different organizations for the uplifting of the Eurozone so that it can get rid of the debt crisis.