Spanish Bank News
This weekend, the failure of the Spanish bank CajaSur made news. The bank restructuring will cost $691 million. I actually fell into the “who cares?” camp. If anything, I thought the move was sufficiently early and appropriate. The Spanish banking system, like the rest of the European banks, is quite fragile. However, Spain’s willingness to act gave me confidence (yeah; CNJ, optimist). Still, somehow a bank with less than 0.6% of Spanish banking assets managed to get a lot of international attention.
Apparently CajaSur was just the first visible crack in the dam. Other Spanish banks are being forced to merge, and the resulting fear appears to be spreading to Spain’s larger banks.
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