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A Spanish savings & loan crisis? – caja style

|Includes: BBVA, BFR, BNPQY, Banco Santander-Chile (BSAC), BSBR, EWP, MS, SAN, SBP, SNF
Those investors who lived through the American savings and loan (S&L) crisis of the late 80’s and early 90’s may see a similar parallel here – relatively smaller domestic savings institutions that have over-lent or are sitting on bad loans and potentially in need of future support. In the meantime, Spain's larger national banks like Santander, BBVA, Bankinter and even La Caixa stand strong and ready to take on the cajas.

Disclosure: long all stocks