Saturday, May 26, 2012

The Banking crisis explodes in Spain

And I doubt there is enough money to save the collapsing banks.

Goirigolzarri, the new CEO of Bankia, appears to be a cynic who does not dare to blame his predecessor Rodrigo Rato and hopes to get from the state budget nothing less than €23.4 billion. If that's the man with a solution, then there is no solution. 

These €23.4 billion are 87% of what the Spanish governments have saved in the last year or two with the brutal social cuts.

Naturally there could be, there surely is, another bank behind Bankia also needing a capital injection. Spain just does not have the money for all that. Hence...

... Dani Maeztu (Aralar) asked Spain to let the banks collapse. 


References[es]: Gara (link 1, link 2), Público, La Haine.

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