Madrid is leading the decline in Europe, -3.5% as Spain promises to force its banks to recognize...

Madrid is leading the decline in Europe, -3.5% as Spain promises to force its banks to recognize and provision for the extent of their real estate-related losses. Included in the reforms to be announced Friday will be a €7-10B rescue for Bankia, the country's 4th largest lender. Santander (STD) -5.3%, BBVA -4% premarket.