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Bad news out of Spain today. Firstly Bankia trading suspended and this in the Telegraph
Spain’s Bankia asks for $24B in state aid
But they’ve got it all under control. Go spend money. Life is good:
Spain’s lender Bankia says it won’t need more aid
MADRID (AP) — The president of Bankia tried Saturday to calm fears about the future of the bank, saying Spain’s second largest mortgage lender will emerge as a solid financial entity after it receives €23.5 billion ($29.5 billion) in state aid in the country’s biggest-ever bank bailout.
All they need is €24 billion. It’s just that simple. And please, don’t ask for any needless plans for transparency, accountability or even how they are going to dig their way out of this problem, because that would hurt their feelings. No need to question their credibility – that is still solid.