real-time news and commentary for investors
Wednesday, Nov 28
2012, 6:17 AM
EU Competition Commissioner Joaquin Almunia approves Spain's plan to recapitalize four...
EU Competition Commissioner Joaquin Almunia approves Spain's plan to recapitalize four nationalized banks, including Bankia, thereby clearing the way for the companies to receive €37B from the eurozone's ESM bailout fund. However, the banks' bondholders will face losses of €10B, while thousands of staff are likely to lose their jobs after Almunia rules that the banks must close up to half their branches within five years.