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Spinning in circles

Overview

Contrary to many other countries, so far Spain has not capitalised any financial institution. However, some Spanish financial institutions, particularly savings banks, are struggling to cope with the crisis, mainly given their exposure to the collapsed Spanish real estate market. Having urged several savings banks undergoing financial difficulties to merge to strengthen their accounts, in late April the Spanish banking regulator, Banco de Espana (BdE), intervened in the mid-sized savings bank Caja Castilla La Mancha, given its lack of liquidity. Was this the exception to the rule?

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