Spanish banks Santander (SAN), BBVA (BBVA) and La Caixa will each provide €1.6B to an €8B...


Spanish banks Santander (SAN), BBVA (BBVA) and La Caixa will each provide €1.6B to an €8B state-backed loan that will form part of an €18B fund to help rescue Spain's cash-strapped regions, Reuters reports, with the government hoping to bring in other banks and the national lottery as well. A first round of €3B is expected to be granted on Sept. 26 to assist Catalonia and Valencia.

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Comments (3)
  • Tack
    , contributor
    Comments (16388) | Send Message
     
    If nothing else, this is a commentary on how strong (and attractive) SAN is.
    13 Sep 2012, 08:02 AM Reply Like
  • Ducaticorse
    , contributor
    Comments (1583) | Send Message
     
    Well what I fear starts to take place; gov is coming after those who still have money to "give" it away; how can the regions ever repay these loans? If still sane banks have to finance these regions, they'll not stay sane for very long.
    13 Sep 2012, 09:14 AM Reply Like
  • Rhianni32
    , contributor
    Comments (2086) | Send Message
     
    So previously the Spanish government gave emergency money to their banking system. Now they are having the banks give money to go to the local governments.
    Next up: local governments flush with 8b euros give money to cash strapped banks.
    13 Sep 2012, 10:28 AM Reply Like
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