The Bank of Spain intervened after CajaSur, a local lender hit by the collapse of the country's property sector, failed to merge with a rival bank.
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CajaSur is one of 43 not-for-profit regional lenders and while it is unlikely to strain the Bank of Spain's finances, bond markets will view the move as a further signal of the country's difficulties. Spain has already struggled to borrow from the international money markets and further turmoil is likely to spook investors.
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The Cordoba-based CajaSur was controlled by the Catholic church until the Spanish regulator removed the managers over the weekend, appointing administrators.
Oh shit ...
1 comment:
The writing is on the wall... Spain is next for needing a bail out. The German people are already sick at having to support Greece. This keeps up and there won't be a Euro as the Germans start to demand the Deutschemark back. Having one common currency and interest rate across a whole continent was never a good idea.
It looks like Gerald Celente's "Trends 2010 Predictions" could be coming to pass!!!
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