Common requirements include: purpose of the loan, history of the business, financial statements for three years (existing businesses), schedule of term debts (existing businesses), aging of accounts receivable and payable (existing businesses), projected opening-day balance sheet (new businesses), lease details, amount of investment in the business by the owner(s), projections of income, expenses and cash flow, signed personal financial statements and personal resume(s).

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This is the same criterion used by the actuary of Social Security to compute the ultimate measure of the long-term financial condition of Social Security and used by private lenders in determining whether the purpose to which a prospective loan is put will increase the present value of a company's future cash flows by more than the amount of the loan.

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But a special purpose vehicle to dish out 440bn euros in bilateral loan guarantees will take longer to set up.

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The Commission's approval opens the way for Spain's government to draw 37bn euros from a 100bn-euro loan facility made available by the eurozone's bailout fund specifically for the purpose of cleaning up the country's banks.

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When debt is treated more like a utility, with the lender managing risk so there is a high probability the loan and the agreed-upon yield will be paid, such lending is more consistent with its economic purpose.

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