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Spain sets up ‘bad bank’ to buy toxic real estate

http://micronassociates.org/news/2012/09/spain-sets-up-bad-bank-to-buy-toxic-real-estate/
Bad bank is
part of ambitious new banking law Spain’s conservative government promises will
save ailing finance sector.

Spain will inject emergency capital into the country’s biggest ailing bank,
Bankia, as it puts into place reforms to allow loss-making banks to receive
eurozone bailout money.

The move came
after Bankia admitted losing more than €4bn (£3.168bn) in the first half year
and as the conservative government of prime minister Mariano Rajoy delayed a
decision on losses to be absorbed by small investors in bailed out banks.

The Fund for the
Orderly Bank Restructurin (Frob) said Bankia’s restructuring plan should be
ready by October, allowing eurozone rescue money to arrive in November. “While
the restructuring process is completed, the Frob intends to inject capital
shortly,

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Added: Nov-13-2012 Occurred On: Nov-13-2012
By: lhelmdarv
In:
Politics
Tags: micron, associates, madrid, news
Location: Spain (load item map)
Views: 9653 | Comments: 9 | Votes: 0 | Favorites: 0 | Shared: 0 | Updates: 0 | Times used in channels: 2
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  • Comment of user 'LSDforuandme' has been deleted by author (after account deletion)!
    • @LSDforuandme
      Man,
      It’s not our fault but our politics fault. They promised to do thing and broke their promise by getting us into a shithole while they were getting their pockets full of money. I wish we could overthrow these corrupt pigs, put descent politics in charge and start paying the debt to Germany and the EU as soon as we can.

      Posted Nov-13-2012 By 

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    • Comment of user 'LSDforuandme' has been deleted by author (after account deletion)!
    • @spykerxxx I wish things would get better for you guys, this is happening everywhere, banks are corrupt.

      Posted Nov-13-2012 By 

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    • Comment of user 'LSDforuandme' has been deleted by author (after account deletion)!
  • It’s appropriate time to make some plans for the future and it’s time to be happy. I’ve read this post and if I could I wish to suggest you some interesting things or advice.

    Posted Nov-13-2012 By 

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  • Comment of user 'dorbie' has been deleted by author (after account deletion)!
    • @dorbie

      I agree it's 100% retarded. But what can i do? Nothing. Keep working my ass off for 12 hours a day ang paying 21% tax on every item i buy including gas.

      Posted Nov-13-2012 By 

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  • They call it a "bad bank", as if there were good banks in the world.

    We have been cheated, because we are paying for this shit. When the banks earned billions loaning money and when the prices of real estate and houses were rising, the bankers said that Capitalism was good, that free market was good. Now that they are almost bankrupt, they say the government must help them injecting public money and buying their botched properties at the price they paid for them, even if they are now More..

    Posted Nov-13-2012 By 

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