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

Recent Israeli Synagogue Attack, a Possible False Flag?
2014 11 21
Dear Friends - I woke up yesterday morning to see a newspaper lying on the kitchen table with the front page proclaiming that five people were slain in an Israeli synagogue after a so-called "Palestinian attack." Some members of the media said that four people were killed, others said five, so it seems like that there was some confusion (or ...
The Michael Brown Shooting, Race Baiting for Political Power and Militarization of the Police
2014 11 21
From Youtube: The evidence clearly shows that Officer Darren Wilson was justified in shooting Michael Brown, so why is this case being hyped by the mainstream media and the leftist political establishment?
Detekt: A New Malware Detection Tool That Can Expose Illegitimate State Surveillance
2014 11 21
Recent years have seen a boom in the adoption of surveillance technology by governments around the world, including spyware that provides its purchasers the unchecked ability to target remote Internet users’ computers, to read their personal emails, listen in on private audio calls, record keystrokes and passwords, and remotely activate their computer’s camera or microphone. EFF, together with Amnesty International, ...
New UK spy chief says tech giants aid terrorism, privacy not ‘absolute right’
2014 11 21
Robert Hannigan, the new head of GCHQ The new head of Britain’s GCHQ, the UK equivalent of the NSA in the U.S., said he believes privacy is not an absolute right and that tech giants must open themselves up to intelligence agencies. “GCHQ is happy to be part of a mature debate on privacy in the digital age,” Hannigan said. “But privacy ...
LOL: Atheist Feminist Pornographer Used as Moral Authority in T-shirt Row
2014 11 21
Dr. Matt Taylor was thrust into the headlines this last week, largely for his lead role in successfully landing a spacecraft on a comet 300 million miles from earth that travels at a speed of 85,000 mph. In short, Taylor and his colleagues pulled off one of the most amazing achievements in contemporary science and space exploration, and in a ...
More News »