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The crisis is now starting to hit home in Spain after many months of them thinking it will be a-ok. The bank of Spain has today delved deep to inject 550 million Euros to save CajaSur from going under:
http://www.typicallyspanish.com/news/publish/article_26160.shtml
It’s not surprising to most of us, Spain is going to be hit by many more failures and the hard times have not even started to kick in yet. Will Germany put up with this?
Sure to be an interesting year..
Ian
What will the bank of Spain do, that’s the question for me. They can sell the assets and liquidate, prop them up or try and find a buyer.
Thoughts?
Turbulent times ahead, of that there is no doubt.
But the rescue of the Cajasur is small fry compared to Northern Rock.
Small fry, but may represent the dam bursting.
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