June 9, 2012 / 10:37 PM / 5 years ago

Spain bank plan key step toward fiscal union - G7

WASHINGTON, June 9 (Reuters) - The Group of Seven developed nations on Saturday welcomed the euro zone's plan to recapitalize Spanish banks, saying it marked an important step toward more fiscal integration in the region.

"G7 ministers welcome Spain's plan to recapitalize its banking system and the Eurogroup's announcement of support for Spain's financial restructuring authority," the G7 said in a statement released by the U.S. Treasury.

"These steps represent important progress as the euro area moves forward on greater financial and fiscal union to reinforce monetary union," the statement said. The G7 comprises the United States, Canada, Britain, Italy, France, Germany and Japan.

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