Spain nationalizes fourth-largest bank as crisis deepens
2012 05 11

From: USAToday.com

Spain’s government will effectively nationalize the nation’s fourth largest bank to shore up the hurting banking sector and try to convince investors the country doesn’t need a bailout like those taken by Greece, Ireland and Portugal, the Economy Ministry said Wednesday.

Under the deal, €4.5 billion ($5.9 billion) in funding that Bankia SA received from Spain in 2010 and 2011 will be converted into shares of the institution’s parent company, the ministry said in a statement.

On Friday, the government is expected to announce a more wide-ranging banking system overhaul to free up frozen credit as Spain weathers a recession and 24.4% unemployment — the worst jobless rate among the 17 nations that use the euro.

[...]


Read the full article at: usatoday.com




Related Articles
Banking giant HSBC ’a criminal enterprise’
Largest US bank, JPMorgan Chase, says it lost $2 billion in risky trades
Bankers Cry Foul!: Jeremy Lin and the political economy of superstars
Warning over ’real’ anger at banks in Britain
Ireland’s former richest person declared bankrupt


Latest News from our Front Page

Exponential growth of Ashkenazi Jews following a Medieval population bottleneck
2014 09 17
A recent paper by Marta Costa et al. found that around 80% of Ashkenazi mitochondrial DNA had a prehistoric European origin (and ruled out the Khazar hypothesis). Combined with previous Y chromosome studies indicating that the male line is Middle Eastern, the results suggested a scenario in which Jewish males married European females after traveling to Europe. Now another paper, ...
Bankers Rule: City of London vs. Scottish Independence
2014 09 17
Now that the independence referendum is too close to call, the bankers express their worry. The media blitz ramps up to tip the outcome. Scottish independence has finally rattled the City of London has the usual banksters forecasting the dislocations from a currency panic. Scotland has a long and noteworthy history of banking. Money, savings and investing is entrenched in the ...
French separatists want Scots to say "yes"
2014 09 17
Separatist leaders in Brittany, Corsica and the French Basque Country will watch with interest as Scotland votes on independence next week, but they don’t expect France to follow the UK’s lead any time soon. Pro-independence activists point to the fact they have their own languages and cultural identities. France, however, remains a deeply centralized country and any talk of a negotiated ...
Devil’s Deal: US-Backed Syrian Rebels Already Signed Pact with ISIS Prior to Haines Beheading
2014 09 17
While Washington considers appropriating half a billion in funds to the Syrian rebels, we now learn that opposition groups the Free Syrian Army (FSA) and al Qaeda affiliate ‘al Nusra Front’, have officially aligned themselves with ISIS… Despite grand words by US President Obama and British PM David Cameron, here’s what’s really behind their plan to bomb ISIS in Syria… In a ...
World War III for Dummies
2014 09 16
A Step-by-Step Guide to Understanding the Present World Situation. 1998 - 2000 Powerful elites and influential think tanks forecast a coming period of American aggression. Zbigniew Brzezinski speaks for the Globalist faction of the western PRC (Predatory Ruling Class) in ’The Grand Chessboard’, a book in which he openly advocates for bolder American action in dominating the Eurasian land mass. During this ...
More News »