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.

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Comments (3)
  • youngman442002
    , contributor
    Comments (5123) | Send Message
     
    Let me guess...this is good for the markets...go green...lol.....this is only part of the bailout...another 60 billion to come...and then some...but this is the new economic generator....bailouts are the new SUPER APP of this decade
    28 Nov 2012, 06:32 AM Reply Like
  • Daveintosa
    , contributor
    Comments (142) | Send Message
     
    Economist POP makes sense. GO PACK GO!!!!
    28 Nov 2012, 06:55 AM Reply Like
  • june1234
    , contributor
    Comments (3795) | Send Message
     
    Let me understand this. You lose 10billion, borrow another 37 billion fire thousands. And how are you going to be pay back the 37 billion you just borrowed. I knew these people went to grad school for a reason
    28 Nov 2012, 09:17 AM Reply Like
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