EU Competition Commissioner Joaquin Almunia approves Spain's plan to recapitalize four...

|By:, SA News Editor

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.