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Debt Relief – Insolvency – Bankruptcy Information » Insolvency » Spain’s Savings Banks Face Consolidation or Insolvency

Spain’s Savings Banks Face Consolidation or Insolvency


May 28 (Bloomberg) — Bloomberg’s David Tweed reports from Madrid about the financial position of Spanish savings banks. The so-called cajas helped fuel Spain’s housing boom, accounting for about 50 percent of loans, and since the property crash triggered by the country’s worst recession in 60 years the lenders have been under pressure to merge. The Bank of Spain seized CajaSur on May 22 after the bank lost almost 600 million euros ($742 million) in 2009. Copyright Bloomberg 2010 Spain Spanish savings banks prime minister legislation budget cuts mergers euro eurozone imf central banks labor reform pensions bank of spain property bubble recession loans rescue fund debt superbank unemployment

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25 Responses to "Spain’s Savings Banks Face Consolidation or Insolvency"

  1. fal2grace says:
    @CTOL1 jeez…that’s worse than normal
  2. fal2grace says:
    @iknownothingnow they just keep using the same playbook
  3. fal2grace says:
    @1mealperday you’re welcome
  4. 1mealperday says:
    I have a sister in germany, i hope she bought lots of food.
    Thanks for posting grace, since i dont watch TV.
  5. CTOL1 says:
    Spain’s (TALGO) commuter train manufacture has leased the old A.O. Smith turned Tower Automotive(Canada) that has shut operations here to build rail cars for a maligned commuter rail project here (Milwaukee) and also for Oregon.
    One would think with jobs in short supply, Spain would want to keep jobs at home? Here, a company that already builds rail cars for Chicago’s METRA (Super Steel) has at this announcement filed for chapter eleven. Just another thank you to TPTB for reaming us!!
  6. iknownothingnow says:
    What a brilliant idea. Give more money to the banks and cut jobs. I would have never have guessed they would have tried that one. Wonder where they got that idea?

    We will see if the citizens will fight back. Fight against the injustices of paying for crimes that they did not commit.

  7. fal2grace says:
    @doc7474 not good… thanks
  8. doc7474 says:
    Fitch just downgraded Spain from AAA to AA+.
  9. fal2grace says:
    @SteveTheFool you’re welcome; it’s hard to keep track of it all…so much going on.
  10. SteveTheFool says:
    Thank you for the vid, had no idea things are this bad in Spain.
  11. Airave says:
    @fal2grace You too! :)
  12. fal2grace says:
    @justjacqueline2004 yep … that’s what it’s like.
  13. fal2grace says:
    @Airave yes… it’s still playing out. Have a great weekend.
  14. fal2grace says:
    @bweazel you too!
  15. bweazel says:
    Ruh roh. Thanks for the post, Deb. Have a great weekend.
  16. justjacqueline2004 says:
    Isn’t this like ,let’s all fail together?
  17. Airave says:
    I’m just gunna say “Hi!” because,
    I keep writing, deleting, writing something new….
    It’s so obvious we need some major changes
    in our World, and they won’t come easy-
    but they will come. WTF, they are here!
    We just haven’t seen it all play out yet.
    Food, Water, Shelter, Love & Care.
    Is all we really need.
  18. fal2grace says:
    @centervilletn you’re right…I learned that watching “West Wing” … lol
  19. fal2grace says:
    @skun406 good observation.
  20. skun406 says:
    It’s so “Atlas Shrugged”-ish…
  21. fal2grace says:
    @matahaari yep vultures… you have a great weekend too.
  22. matahaari says:
    Uh oh… IMF vultures.

    Enjoy the Memorial Day weekend. Thank you f2g.

  23. centervilletn says:
    @fal2grace i bet there will be one more story after the markets close…holiday weekeds are usually when the bad news leaks out…id say around 5 ish BP top kill fail should be released
  24. skybirdbird says:
    @fal2grace you too hun…have company so may not be on much….
  25. fal2grace says:
    @ksabin711 sure seems like it. thanks

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