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Spanish Banks Need More Money.

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posted on May, 28 2012 @ 07:53 PM
And the banks that need more taxpayers money today is........

Reports suggest Spain may need an extra €30bn for banks - Spain may need another €30bn to clean up its banking system on top of the €19bn required by Bankia according to El Mundo. The money would be split along the following lines: €10bn for a balance sheet cleanup and €20bn to raise capital levels, citing government sources. The newspaper argues that the €30bn would go mainly to CatalunyaCaixa, Novagalicia and Banco de Valencia. The newspaper also quoted government sources suggesting that, should the Greece crisis continue and Spanish 10-yr bond spread remain around 500bps, Spain could seek aid from European funds.

BI El Mundo Report

And it was only a few days ago that Bankia spains 4th largest bank revised its profits from
41 million euros to a LOSS of 3.3 billion.

Another day another bank with creative accounting.

Following a meeting of more than four hours, the board of directors of the entity on Monday approved the restated financial statements. Bankia matrix provided only consolidated data for the year 2011, yielding a loss of 3.318 million euros. However, individual losses would amount to 7,000 million BFA, according to financial sources.
The consolidated balance sheet losses gave the fruit of Bankia own numbers, which on Friday announced that it obtained a negative result of 2.979 million in 2011. In previous accounts, unaudited, BFA had lost 439 million in individual accounts, while recognized in consolidated profit of 41 million.
The red numbers are mainly due to the development of fair value of the share itself has BFA Bankia (52% in December 2011).

Bankia Parent Revises 2011 "Profit" Of €41 Million to €3.3 Billion Loss

Mariano Rajoy says Spain is 'finding it very difficult to finance itself' but insists there will be no bail-outs

The spainish PM said it is "very difficult" to get funds for his country.
well they know anyone giving spain cash probably never see any of it again.

If the euro was a dog we would have put it to sleep and just thought of the good times.

edit on 28/5/2012 by skuly because: typo


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