Spain's financial turnaround advanced Friday as lawmakers approved austerity measures and euro zone finance ministers approved a bank bailout of as much as $122 billion.

The bailout approval will trigger the first payment from Europe's temporary rescue fund, known as the European Financial Stability Facility. The EFSF can now raise $36.6 billion to help banks.

Meanwhile, Spanish lawmakers pushed through the spending cuts after the debt-choked country's borrowing costs reached crisis levels and its budget minister warned that the government is running out of money to pay its bills.