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What? Spain to nationalize banks

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posted on Jan, 21 2011 @ 04:23 PM
Not all of them... yet.

Spain plans partial nationalisation of savings banks

Spain plans a partial state takeover of its weakest savings banks as it seeks to reassure investors a rescue will not weigh on its deficit.

A source familiar with the matter told Reuters on Friday the government would force debt-laden regional savings banks to become conventional banks and seek stock market listings to persuade skittish investors that they are good investments.

The state-backed bank restructuring fund (FROB) would then take stakes in the banks -- known as cajas -- that fail to attract private investment, the source said.

Up to now the FROB has functioned as a lender of last resort to the cajas.

Deputy Prime Minister Alfredo Perez Rubalcaba told reporters a new savings bank plan was coming soon and could include new laws, implying a reform of the FROB.

I'm sure the public will be thrilled by that... NOT.


posted on Jan, 21 2011 @ 04:40 PM
I agree, nothing is "to big to fail". If they cannot succeed, let them declare bankruptcy and let someone better fill that niche.

posted on Jan, 21 2011 @ 04:52 PM
reply to post by Vitchilo

"Oh no we are nothing like Ireland" .....

Is this not exactly what Ireland did (granted for a second time) just weeks before rolling over to the IMF and Euro-masters to accept their bailout?

posted on Jan, 21 2011 @ 09:18 PM
This is what the United States should do; nationalize the Federal Reserve and return the power of the purse back to Congress. So long as budget concerns are not worries of the House the Senate will be able to do as they wish. They will not pass Healthcare Repeal, simply because it is the biggest tax hike in US history. And that is just one recent example. Follow in Spain's direction. The Euro is doomed.

"If Congress has the right [it doesn't] to issue paper money [currency], it was given to them to be used by...[the government] and not to be delegated to individuals or corporations" — President Andrew Jackson, Vetoed Bank Bill of 1836

posted on Jan, 23 2011 @ 06:15 PM
reply to post by Tgautier13

The Federal Reserve isn't a bank... and it is "Nationalized" .. Congress holds the charter. The President appoints all 7 board governors, including the Chief, ie, head of the federal reserve.

covered in your high schools US Gov class, very basic information.

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