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Spain Tallies the High Cost of Riding Out Bank Crisis
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Spain released reports by audit firms that showed 62 billion euros would be needed to recapitalize the affected parts of its banking system. This is below the 100 billion euros in rescue funds offered by the EFSF, the eurozone rescue fund, in loans to the Spanish government. The Spanish government is pushing for direct aid to the banks to cut the knot between the banking risk and sovereign risk that is pushing up the yields on Spanish bonds to 7% in June 2012. Spain's 3 largest banks will not be accepting aid funds- Banco Santander, BBVA, and La Caixa.
Spain's cleanup of bad bank assets under prime minister Rajoy in 2012-2013
09/28/2011
Grouped Articles
Wall Street Journal 09/28/2011
Spain Emerges From Recession but Sees More Austerity Ahead
Wall Street Journal 09/23/2013
Spain Weighing a Fast, Costly Cleanup of Banks
Wall Street Journal 12/07/2011
Why European Banks Are Sacrificing Growth
BusinessWeek 12/15/2011
Spain's Rajoy Takes Aim at Deficit
Wall Street Journal 12/20/2011
A Central Bank Doing What Central Banks Do
New York Times 12/21/2011
Rescue of Spain's banks with a $125 billion committment from the European Financial Stability Facility (EFSF)
02/25/2010
EU finance ministers persuaded Spain to borrow from the EFSF and place the money in a special fund intended to recapitalize its banks. The IMF will provide some oversight over the banks but no conditions or oversight will be imposed on Spain only on its banking system as a compromise. Problems in the banking system arise from a housing bubble in Spain and failing cajas savings banks. Spain has already committed to adhering to fiscal deficit targets on a longer term basis with the EU. This makes it a rescue of the banks more than a bailout of the kind deisgned for Greece, Ireland and Portugal.
Grouped Articles
Wall Street Journal 08/08/2011
A Warning Light to Alert the I.M.F.
New York Times 09/21/2011
The Pain in Spain Falls Mainly on the Cajas
BusinessWeek 02/25/2010
Economist 05/29/2010
Spain's Bankia Returns to Profit
Wall Street Journal 02/04/2014
Spain requests bailout help - The Washington Post
Washington Post 06/10/2012
The reports of audit and consulting firms on bad loans in Spain's banking system in 2012 and the need for credible estimates to restore confidence
06/20/2012
Linked Articles
For Spain, Accusations of Lagging on Reforms
New York Times 06/20/2012
Spain Tallies the High Cost of Riding Out Bank Crisis
New York Times 06/21/2012
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