Nor Santiago
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More Great Information on Nor Santiago:
Bankia Suspends Shares; Multibillion Euro Bailout in Future? (newsy-allvideos)
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(Image Source: Wikimedia Commons)
**BY MATTHEW PICHT**
**ANCHOR NEVILLE MILLER**
More bad news ahead for the troubled Spanish economy: Spain's fourth-largest
bank Bankia has suspended trading of its shares. Sky News has the story...
**"Shares in the Spanish Bank Bankia have been suspended as it plans to
request more state aid...The lender is still weighed down by property losses
from the market crashes of 2008, and needs the extra money to restructure. **
Bankia was partly nationalised two weeks earlier when Spain's government
bought 45% of its shares. Fox News reports, the government announced an 11
billion dollar bailout to rescue the debt-stricken bank--but insiders say,
after the board meeting, Bankia might be asking for more.
**"Spanish newspapers quoted unnamed market sources as saying the bank will
likely ask for up to €15 billion ($19 billion) at a press conference on
Saturday. Neither the bank nor the Economy Ministry would comment on the
reports."**
Spain's government has already invested around 4.5 billion euros into Bankia.
The 19-billion-dollar question is if Spain has the funds to cover this without
resorting to foreign aid.
**"They've already come up with I believe around 5 billion dollars US for this
bank. The tab, ...