The European Commission on Wednesday approved a payment of $48 billion from the eurozone bailout fund to four Spanish banks on the condition that they lay off thousands of employees and close offices as part of their restructuring. Some of the biggest job cuts were expected to be made by Bankia, the giant lender whose collapse and request for $23.88 billion of additional capital last May forced Madrid a month later to negotiate a banking bailout of up to 100 billion euros.
Unlimited access to BostonGlobe.com for only 99 cents for the first 4 weeks.Sign up
Are you a home delivery subscriber?
Get FREE access as part of your print subscriptionStart Here
Contact us for help