Spain Other


Government nationalises Bankia, announces massive bail-out

On 25 May, Bankia, the country's fourth largest bank, announced that it will require EUR 19 billion in public funds in order to be recapitalised. The sum comes on top of EUR 4.5 billion of public aid already given to Bankia's parent company, Banco Financiero y de Ahorros (BFA) in 2010. The government is committed to provide as much assistance as necessary in order to prevent a meltdown of the entire financial system, and in an appearance before Congress two days earlier, Economy Minister Luis de Guindos already stated that the government will inject


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