Yesterday, Spain’s Ministry of Economy and Finance announced that the Council of Ministers had approved the creation of a €30 billion fund (which may be increased to €50 billion) to purchase assets from Spanish banks, of which between €10 billion and €30 billion is expected to be invested before year end. Unlike the U.S. Troubled Asset Relief Program, the Spanish program is intended to “have zero cost to the public,” as its investments will be limited to financial assets “of the highest quality,” and to be temporary, ceasing “when financial market conditions become normal.”