Euro slides after Spain c.bank takes over lender

The euro fell sharply across the board on Monday, pulling back from a short-covering rally, after the Spanish central bank's takeover of a savings bank underlined structural problems facing fiscally fragile euro zone states.

The Bank of Spain said on Saturday it had taken over the running of CajaSur following the failure of its planned merger with another regional lender. [ID:nLDE64L007]

The move highlighted the weakness of the banking sectors of some euro zone members, which are already suffering from fiscal problems and struggling to bring down their budget deficits.

Read Full Article from Reuters

- Posted: 2010-05-24 07:43:34

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