European Commissioner for Competition Joaquin Almunia gives a news conference on State Aid decisions on Spanish banks, Group Two at the European Commission headquarters in Brussels, Belgium, 20 December 2012. (Photo: gulfnews.com)

European Union competition regulators have signed off on 1.8 billion euros in recapitalization aid for four Spanish savings banks, opening the door for the next slice of bailout money from the euro zone's rescue fund. The aid comes on top of 37 billion euros for four already-nationalized banks the European Commission approved last month. EU Competition Commissioner Joaquin Almunia said Thursday that the restructuring plans will make these banks viable again, thereby contributing to restoring the financial sector in Spain while minimizing the burden for the taxpayer.

The same day Spanish lawmakers passed 39 billion euros' worth of austerity measures, prompting fresh protests by demonstrators angry at cuts to pay and public services.