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Giant Lender in Spain Asks for Billions to Fend Off Collapse
NY Times – Spain’s banking crisis worsened Friday as the board of Bankia, the country’s biggest mortgage lender, warned that it would need an additional 19 billion euros ($23.88 billion), far beyond what the government estimated when it seized the bank and its portfolio of delinquent real estate loans earlier this month. The government is trying to head off a collapse of the bank, which could threaten the Spanish banking industry and reverberate through the financial centers of Europe and beyond. Read Article
Tags: 2nd Great Depression, banks, debt wealth, Europe
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