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MADRID - The bank of Spain says it has stepped in to bail out a regional savings bank after merger talks with another similar entity broke down.
Bank of Spain director Miguel Angel Fernandez Ordonez said early Saturday that the step had been taken to guarantee Cajasur, an Andalucian savings bank based in the southern city of Cordoba and run largely by the Catholic church, could continue operating as normal.
Originally posted by marg6043
reply to post by broahes
Yes it was, and so Portugal, but you have been missing the news when the rating agencies warned them that they were next on the list of downgrading after Greece they just said not to the IMF bail out after looking the take over of Greece and the sovereignty lost.
So nobody knows what they had in mind now we know, they are doing what US is doing bailing out themselves.