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Most Spanish cajas don't have publicly traded equities, but short sellers are going after other troubled Spanish banks

The Spanish cajas (literally "box") banks have been in the news as many have joined together for strength and requested emergency funds from the Spanish govt.  Nevertheless, cajas and other larger Spanish banks have had their debt downgraded again recently. 

Of the Spanish banks with publicly traded equity, Banco de Valencia, Banco de Sabadell and Bankinter Madrid are the most expensive stocks to short.  Short sellers have shorted millions of additional shares recently.

Disclosure: No positions