Spain shareholders protest banks bailout

The small shareholders gathered on Saturday outside Bankia headquarters in Madrid, denouncing the banks bailouts for favoring the rich.

Banging on pans and holding up signs reading slogans against bank bailouts, the protesters said they want the government to recognize that they are the ones rescuing the banks and not the rich people.

“In this country, only rich people get saved, those who steal a lot of money,” said one protester.

“If a man steals a piece of bread and sausage to feed his family, he goes to jail. And those who steal millions, like Bankia and all the other banks, are enjoying yachts, good houses, good meals, good clothes,” he added.

Bankia’s Madrid offices have faced several protests since it called for a bailout, while a number of pensioners affected by the economic crisis stage regular protests in front of the headquarters.

The Spanish lender, the first savings bank of Spain, went bankrupt less than a year after its listing in the stock exchange.

Some 500,000 small shareholders bought into its stocks and preference shares.

The shareholders now say they were misled by the bank into buying its stocks. They say Bankia knew it was bankrupt before the news went public.

MRS/HJL

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