Spain Imposes Cash Payment Limit of 2,500 EUR

On Tuesday, we reported that the finance ministers of eurozone reached a consensus to rescue the Spanish banks with a 100 billion euro package. The first phase of this funding will come with a 30 billion euro bailout money that will be ready by the end of this month. The accord allows Spain leverage until year 2014 to bring down its deficit to 3 per cent of GDP, the eurozone limit, from last year’s level of 8.9 percent. It should be noted here that withdrawals from Spanish banks already amount to 30% of the country’s GDP (that number looks to be…