The IMF yesterday warned that the UAE could face further headwinds from Europe as the crisis on the continent switched focus to Spain.
European ministers yesterday discussed a potential rescue package for Spain, which would make it the fourth member of the 17-nation euro zone to seek external funds.
The IMF said Spanish banks would need to set aside at least €37 billion (Dh169.97bn), but officials told The Wall Street Journal the number could be as high as €100bn.
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