U.S. welcomes European action on Spain's banks

U.S. Treasury Secretary Timothy Geithner on Saturday welcomed the euro zone's decision to provide up to 100 billion euros ($125 billion) to recapitalize Spanish banks, calling it an important step toward financial union.

"We welcome Spain's action to recapitalize its banking system and the commitment by its European partners to provide support," Geithner said in a statement. "These are important for the health of Spain's economy and as concrete steps on the path to financial union, which is vital to the resilience of the euro area."

(Reporting by Timothy Ahmann; Editing by Doina Chiacu)

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