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Since the election the new Rajoy government has forced the banks into making honest disclosures of the true extent of their property losses. Banesto is the first bank to report this quarter others are to follow. Their profits are down 88% after provision. 😯
http://www.ft.com/cms/s/0/6da91568-846d-11e1-b6f5-00144feab49a.html#axzz1rpz2wKVj

Mergers are now about to happen as a result of government pressure to clean up the mess. The first of these to be Caxiabank and Banca Civica now in final talks.

Rajoy’s government are dealing at last with the mess left behind by the previous government who seemed incapable of effective action.

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