12 June 2012

SPAIN / EUROZONE/ GERMANY : Temporary Fixes And Miscalulations Explain Bankia's Problems; Merkel Says There Are Conditions For Bank Billions.


      If you missed it...yesterday's WSJ had an excellent, long, tick/tock piece on Spain's banking problems...especially with its #3 troubled financial...Bankia.
      It details the politics of the cajas, the failed temporary fixes and miscalculations of banking officials there.
      It's interesting...and now freely available.
     AND: Chancellor Angela Merkel applauded Spain's bank bailout and stated there are 'conditions' for Spain's probable E100 bn/$125 bn loan....including regular review by the Troika, likely bank restructuring...and even an increase in the 18% VAT tax.