Thursday, May 10, 2012

Spain nationalizes bank as "train wreck" continues

The Bank of Spain yesterday confirmed the partial nationalization of Bankia after it was unable to repay €4.47B it owed the government. The loan will instead be converted into shares. Nouriel Roubini and Meg Greene commented in the FT that the Spanish bank bailout has been postponed to the very last minute as the "slow-motion train wreck" continues. 

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