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Asia stocks, euro rise as Spain banks get lifeline

Dunya News

Asian stocks and euro are rising after sentiment got a boost from Spain's decision to seek lifeline.

Spain on Saturday asked finance ministers from the 17 countries that use the euro for money to rescue its banks, which have been crushed under the weight of bad real estate loans.They responded by offering up to $100 billion euros ($125 billion) in loans that the Spanish government could funnel to banks.The plan eases an immediate crisis in Europes fourth-largest economy.Japans Nikkei 225 index Monday jumped 1.9 percent to 8,622.58. South Koreas Kospi added 1.6 percent to 2,553 andHong Kongs Hang Seng climbed 2 percent to 18,874.23.The euro rose to $1.2629 from $1.2507 late Friday in New York.