Spanish banking woes threaten Europe |
| CNN - May 25, 2012 |
The Spanish banking system has taken center stage in the ongoing European debt crisis drama.
The bursting of a housing bubble that was formed by the combination of cheap credit and Spain's attractive climate has left Spain's banking system teetering under a mountain of bad loans.
4Spain's central bank has identified about €300 billion in problem loans at the nation's banks.
Massive bank bailouts are clearly on the way. Shares of Spain's third-largest bank, Bankia, were halted Friday as its board worked on the size of its bailout request.
Bankia was formed in 2010 by combining seven major savings banks, which turned out to be among the hardest hit by the housing crisis. Spain's central bank essentially nationalized Bankia earlier this month.
Read Full Article from CNN
- Posted: 2012-05-25 11:27:59
| More Stock Investor Place Top Stories |
 |
|
|
|
| Stock Investor Place Top Stories Archive |
|
|
|
