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EU Clears Spanish Bank Rescue
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A detailed account of the unfolding crisis at Bankia bank in Spain during 2011-2014
04/01/2009
An account of the key players and the ufolding of critical events in the IPO offering for Bankia, and the unraveling of the bank in the months that followed, as the Spanish regulators and government failed to get a handle on problems and instead put their hope on an improving economy. On May 3, Mario Draghi warned about the problems at Bankia in Barcelona. On May 4, the heads of Spain's largest banks BBVA, Banco Santander and Caixa, told the government it had to takeover Bankia, setting in process the events leading upto the acceptance of $125 billion in EU aid to recapitalize Spain's banking system. Bankia was put together from seven failing cajas savings banks. The problems related to the housing bubble are seen throughout the cajas savings banks.
Grouped Articles
Spanish Banks More Vulnerable Than Italy's
Wall Street Journal 07/13/2011
Investors in Bankia to Sue Bank of Spain Over Losses
New York Times 05/09/2013
Wall Street Journal 09/28/2011
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
Initial public offering planned for Spain's Bankia bank
03/11/2011
Efforts to recapitalize Spain's savings banks.
Grouped Articles
Spanish Banks More Vulnerable Than Italy's
Wall Street Journal 07/13/2011
Investors in Bankia to Sue Bank of Spain Over Losses
New York Times 05/09/2013
Spain's Bankia Returns to Profit
Wall Street Journal 02/04/2014
Spain Launches Privatization of Bankia
Wall Street Journal 02/28/2014
A Former IMF Leader Tackles IPO Challenge
Wall Street Journal 06/08/2011
In Spanish, Bankia Starts Wooing IPO Investors
Wall Street Journal 07/01/2011
Spain's banking officials, lack of prudent oversight over the banks and bad loans from the real estate bubble
02/22/2011
Jaime Caruana, Rodrigo Rato and Vinals are senior Spanish banking officials who worked for the central bank and at the IMF. Caruana is head of the Bank of International Settlements in Bases (BIS), and Vinal heads a department at the IMF. Rato resigned from Bankia bank after its takeover by the government. Experts say they failed to exercize proper oversight of Spain's banking system and in their positions at the IMF failed to draw early attention to the problems.
Grouped Articles
Investors in Bankia to Sue Bank of Spain Over Losses
New York Times 05/09/2013
Wall Street Journal 09/28/2011
Spain's Bankia Returns to Profit
Wall Street Journal 02/04/2014
Rodrigo Rato Resigns as Executive Chairman of Bankia
New York Times 05/07/2012
Spanish Officials Hailed Banks as the Crisis Built
New York Times 06/26/2012
Spanish Woes Cast Rescue in New Light
Wall Street Journal 06/20/2012
Bad loans in Spain's banking system from the housing bubble
04/04/2009
Grouped Articles
Wall Street Journal 09/28/2011
The Pain in Spain Falls Mainly on the Cajas
BusinessWeek 02/25/2010
Spain's Banks Boost Books by Refinancing Loans to Homeowners
Wall Street Journal 11/07/2013
Economist 04/04/2009
Spanish House Prices Decline Again
Wall Street Journal 05/28/2014
Spain Still Suffering Fallout From Housing Bust
Wall Street Journal 05/28/2014
German banks exposure to Spain of $139.9 billion in 2012 and Germany's efforts to manage the exposure
03/11/2011
Grouped Articles
Spain's Bankia Returns to Profit
Wall Street Journal 02/04/2014
State of Europe's Banks: Safe and Stressed
Wall Street Journal 09/25/2012
Spain Needs $76 Billion to Recapitalize Its Banks, Audit Finds
New York Times 09/28/2012
Berlin vs. Rome: A Tale of Two Visions
Wall Street Journal 09/30/2012
Spanish Banks Agree to Layoffs and Other Cuts to Receive Rescue Funds in Return
New York Times 11/28/2012
Wall Street Journal 11/29/2012
Deutsche Bank's exposure to Spain
09/25/2012
Grouped Articles
State of Europe's Banks: Safe and Stressed
Wall Street Journal 09/25/2012
Spain Needs $76 Billion to Recapitalize Its Banks, Audit Finds
New York Times 09/28/2012
Spanish Banks Agree to Layoffs and Other Cuts to Receive Rescue Funds in Return
New York Times 11/28/2012
Wall Street Journal 11/29/2012
Spain's banks
07/09/2010
Grouped Articles
Spanish Banks More Vulnerable Than Italy's
Wall Street Journal 07/13/2011
Spain's banks: Two cheers, three tiers
Economist 10/02/2010
Spain's Bankia Returns to Profit
Wall Street Journal 02/04/2014
Loan Growth Suffers at Spanish Banks
Wall Street Journal 11/13/2015
Spain to Approve Cajas Regulatory Overhaul
Wall Street Journal 07/09/2010
Crisis Awaits Worldâs Banks as Trillions Come Due
New York Times 07/11/2010
Spain's banks and housing construction in 2011-2012
02/25/2010
Continued construction in housing suported by Spanish banks in 2011-2012. This is happening when a huge inventory of residential units estimated by some analysts at over 1 million remains unsold. It could further dampen home prices.
Grouped Articles
The Pain in Spain Falls Mainly on the Cajas
BusinessWeek 02/25/2010
Spain's banks: Two cheers, three tiers
Economist 10/02/2010
Spain's Bankia Returns to Profit
Wall Street Journal 02/04/2014
Spanish Banks Try to Build Their Way Out of Home Glut
Wall Street Journal 01/11/2012
Spain Spells Out Latest Plan to Bolster Health of Lenders
Wall Street Journal 02/03/2012
Wall Street Journal 02/08/2012
Spain's Cajas savings banks
02/25/2010
Grouped Articles
Spanish Banks More Vulnerable Than Italy's
Wall Street Journal 07/13/2011
New York Times 05/17/2013
The Pain in Spain Falls Mainly on the Cajas
BusinessWeek 02/25/2010
Economist 05/29/2010
Spain's cajas: Thinking outside the box
Economist 07/31/2010
Spain's banks: Two cheers, three tiers
Economist 10/02/2010
The German parliament's vote in July 2012 on the $125 billion loan committment to Spain's banks
03/11/2011
The need for opposition support to pass the legislation required to provide loans to Spain's savings banks. A committment of $125 billion in loans to Spain's banks was made by the EU. The efforts of the Merkel government to win popular support from a skeptical German public includes videos on YouTube in July 2012. The opposition SPD says it will look at the loan arrangements carefully to make sure this leads to a healthy Spanish banking system with the required changes being made at the banks.
Grouped Articles
Spain's Bankia Returns to Profit
Wall Street Journal 02/04/2014
German Parliament Approves Greek Bailout Negotiations
Wall Street Journal 07/17/2015
Germany Makes Last Pitch Before Vote
Wall Street Journal 07/18/2012
German Parliament Backs Spanish Bank Plan
New York Times 07/19/2012
Spanish Bank's Ex-Leader Defends His Record There
New York Times 07/26/2012
France Raises Taxes in Tough Budget
Wall Street Journal 09/28/2012
Bankia management
07/01/2011
Grouped Articles
Investors in Bankia to Sue Bank of Spain Over Losses
New York Times 05/09/2013
Spain's Bankia Returns to Profit
Wall Street Journal 02/04/2014
Rodrigo Rato Resigns as Executive Chairman of Bankia
New York Times 05/07/2012
Spain Readies New Push to Shore Up Banks
Wall Street Journal 05/08/2012
Spain Tries to Calm Fears About Ailing Lender
New York Times 05/17/2012
Europeâs Worst Fear: Spain and Greece Spiral Down Together
New York Times 05/20/2012
Spain's Bankia bank
10/02/2010
The consolidation of a number of Spanish savings banks under government direction led to the creation of Bankia, Spain's third largest bank. Efforts to recapitalize these banks which have large accumulated large debt from the real estate boom is part of the Spanish government's effort to tackle the debt crisis facing Spain. Rodrigo Rato, a former finance minister and managing director of the IMF, heads Bankia and the effort to restore confidence in Spain's banking system.
Grouped Articles
Spanish Banks More Vulnerable Than Italy's
Wall Street Journal 07/13/2011
Investors in Bankia to Sue Bank of Spain Over Losses
New York Times 05/09/2013
Spain's banks: Two cheers, three tiers
Economist 10/02/2010
Spain's Bankia Returns to Profit
Wall Street Journal 02/04/2014
Spain Launches Privatization of Bankia
Wall Street Journal 02/28/2014
A Former IMF Leader Tackles IPO Challenge
Wall Street Journal 06/08/2011
The IMF's position for direct aid to troubled banks in Spain
06/20/2012
The troubled banks in Spain are the Caixa banks in Catulunya and in Galicia, and the Bank of Valencia, and Bankia bank. The IMF favors direct aid, and sees the approach of sending rescue aid to Spain as not working to restore confidence in 2012.
Grouped Articles
Spain's Bankia Returns to Profit
Wall Street Journal 02/04/2014
Spanish Aid Plan Is Flawed, Says IMF
Wall Street Journal 06/22/2012
Spanish Woes Cast Rescue in New Light
Wall Street Journal 06/20/2012
Wall Street Journal 07/11/2012
Spain Needs $76 Billion to Recapitalize Its Banks, Audit Finds
New York Times 09/28/2012
Wall Street Journal 10/18/2012
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
Ban on short selling in Europe- 2011-2012
08/12/2011
The governments of France, Belgium, Spain and Italy announced a 15 day ban on the short selling of certain financial stocks and derivatives. This followed deep declines in French banking stocks after false rumors about Societe Generale on August 10-11, 2011.
Grouped Articles
More Terror Arrests in Belgium as Government Concedes Missteps Before Attacks
Wall Street Journal 03/25/2016
Wall Street Journal 08/12/2011
Bans Imposed on Some European Short Selling
Wall Street Journal 08/12/2011
Economist 08/13/2011
U.S. Bank Stocks Fall on Anxiety About Europe
New York Times 08/18/2011
Why you should buy Europe now - MarketWatch
Unknown 09/26/2011
Reports by consulting firms Oliver Wyman and Roland Berger, and a separate report by audit firms looking into the books of Spanish banks
03/11/2011
Consulting firms estimated 62 billion euros will be needed to recapitalize Spain's banks. This is similiar to figures of Fitch Ratings and the IMF. The consulting firms of Oliver Wyman and Roland Berger used informaton provided by the Bank of Spain and did not look directly into the books of individual banks because of time constraints. The Spanish government is doing a separate detailed audit using audit firms which will examine the books of the 14 largest banks and report by the end of July. Disagreement between Mr. Alumnia, Spain's representative at the EC and the Spanish government about whether some banks should be closed.
Grouped Articles
For Spain, Accusations of Lagging on Reforms
New York Times 06/20/2012
Spanish Aid Plan Is Flawed, Says IMF
Wall Street Journal 06/22/2012
Euro Zone Eases Budget Demand on Spain
Wall Street Journal 07/10/2012
Spanish Official: Slow Reaction to Crisis
Wall Street Journal 07/18/2012
Germany Makes Last Pitch Before Vote
Wall Street Journal 07/18/2012
Auditors Prepare for Spain's 'Bad Bank' Plan
Wall Street Journal 08/02/2012
Spain and default on residential mortgages
02/25/2010
The housing market and banks in Spain, and the extensive system of mortgage modification in place to mitigate housing losses.
Grouped Articles
The Pain in Spain Falls Mainly on the Cajas
BusinessWeek 02/25/2010
Spain's Banks Boost Books by Refinancing Loans to Homeowners
Wall Street Journal 11/07/2013
Leading the Charge Against Spainâs Mortgage Crisis
New York Times 12/20/2013
Spain Still Suffering Fallout From Housing Bust
Wall Street Journal 05/28/2014
Tumbling Interest Rates in Europe Leaves Some Banks Owing Money on Loans to Borrowers
Wall Street Journal 04/14/2015
Wall Street Journal 12/17/2010
Spain's Caixabank
04/19/2012
Grouped Articles
Caixabank Profit Tumbles on Property Provisions
Wall Street Journal 04/19/2012
Wall Street Journal 04/19/2012
Cost of Spainâs Housing Bust Could Force a Bailout
New York Times 04/24/2012
Spain Readies New Push to Shore Up Banks
Wall Street Journal 05/08/2012
Spain's Bank-Investor Ties Stir Worry
Wall Street Journal 05/09/2012
On Banks, Spain Again Fails to Take the Bull by the Horns
Wall Street Journal 05/13/2012
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
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