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.
...
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.
...
The Cordoba-based CajaSur was controlled by the Catholic church until the Spanish regulator removed the managers over the weekend, appointing administrators.
Oh shit ...
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.
ReplyDeleteIt looks like Gerald Celente's "Trends 2010 Predictions" could be coming to pass!!!