Spain Nationalizes Bankia - Readies Second Bailout - Euro crisis escalates

Spain has nationalised crippled lender Bankia in a dramatic move to contain the esalating crisis and restore faith in the country's management.

Rodrigo Rato, chairman of ailing Spanish lender Bankia SA
Rodrigo Rato stepped down as chairman of Bankia on Monday Photo: Reuters

The forced rescue was ordered by premier Mariano Rajoy after auditors Deloitte refused to sign off the bank's books, amid allegations of €3.5bn (£2.8bn) of inflated assets. Half of the bank's €37bn of property exposure is deemed "problematic" by regulators.

The lender has asked for €4.5bn in loans, converting the cash into ordinary shares. The Spanish government holding 45pc of the bank in return. Bank of Spain has also demanded Bankia dispose of assets as part of the rescue.

"The Spanish have denied until now that there was any need for fresh capital so it comes as a surprise. It wasn't intended, and that is a worry," said Guy Mandy, credit strategist at Nomura.

http://logok.org/wp-content/uploads/2011/04/bankia.png

MADRID (Dow Jones)--The Spanish government said late Wednesday that it will rescue Bankia SA (BKIA.MC) by taking a large stake in the troubled lender, a move considered to be a crucial element in its effort to overhaul the country's banking sector and shore up confidence in the euro zone's fourth-largest economy.

The country's central bank said that Bankia's new chairman, Jose Ignacio Goirigolzarri, had requested the move.

http://online.wsj.com/article/SB10001424052702304070304577394220289...

Views: 704

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Sandy posted videos
16 hours ago
Sandy replied to Sandy's discussion Sick sci-fi sex fantasy written by Epstein's first benefactor people say inspired his twisted island... before author's SON ended up arresting him
"Interesting. I always thought he was still alive. Probably given some plastic surgery and a witness…"
16 hours ago
WIllow is now a member of 12160 Social Network
yesterday
Burbia commented on Less Prone's video
Thumbnail

Sydney Sweeney Has Great Jeans - Outrage AI Parody Song

"Props to Schottenstein on his foray out of the woods that was DEI and wokeness. "
yesterday
Burbia replied to Sandy's discussion Sick sci-fi sex fantasy written by Epstein's first benefactor people say inspired his twisted island... before author's SON ended up arresting him
"One of the theories floating around was Hilary Clinton's brother Hugh, was the one…"
yesterday
Sandy posted a discussion
yesterday
Doc Vega posted blog posts
yesterday
Less Prone favorited Sandy's video
yesterday
Less Prone favorited tjdavis's video
yesterday
Less Prone posted a video

Sydney Sweeney Has Great Jeans - Outrage AI Parody Song

AI Parody Music Video poking fun at the online hysteria surrounding Sydney Sweeney's American Eagle jeans campaign.✅ Blue jeans✅ Blonde panic✅ DEI gone wild✅...
yesterday
tjdavis posted a video

How "Free" P*rn Sites Really Work (and Who Runs Them)

Excerpt from This Past Weekend w/ Theo Von #559 Laila MickelwaitFull Episode: https://youtu.be/9J7187j4PO4?si=2GUNymssKJpe6nEvFind Theo Von:Website: https://...
Wednesday
tjdavis posted a blog post
Wednesday
Doc Vega posted blog posts
Tuesday
Doc Vega commented on Ragnarok's video
Thumbnail

Charles Manson Talks About The Global Elite

"I've had my account with YouTube terminated before over bullshit excuses because they…"
Tuesday
Doc Vega commented on Ragnarok's video
Thumbnail

Charles Manson Talks About The Global Elite

"Remember, though he makes his points, this man used the Beatles White Album as his own manifesto of…"
Tuesday
Sandy posted videos
Monday
Sandy posted a photo
Monday
Sandy commented on Sandy's video
Sunday
Sandy posted a video
Sunday
cheeki kea posted a photo
Jul 30

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted