Spain has asked the bailout of Spanish banks, due to, among others, the crisis of Banks.

The Phantom of the rescue has been gliding on Spain after learning Banks financial hole, and the general situation of a bank hit hard by the crisis and the bursting of the housing bubble. Finally, Spain has been forced, after pressure from European leaders, to ask the bank rescue.

Bailout of Spanish banks

The situation of Spanish banks led Spain to need a bailout. After a Eurogroup meeting via teleconference, and having analyzed the data from the IMF on the financial position of Spanish banks, European countries have put pressure on Spain to solicit the ransom, but limited to the bank bailout, in contrast to happened in Greece, Portugal or Ireland. The IMF has spoken of more than 40,000 million Euros in order to revive the Spanish banks, but the rescue has asked Spain may be around 100,000 million Euros.

Bank crisis

One of the keys to understanding the need to bailout the Spanish banks are in Bank. Fruit of the union of several savings banks, including two of the most affected by the crisis of brick: Bancaja and Caja Madrid. After the results of 2011 closed at a profit, affirms the existence of a huge hole that requires state intervention. Rodrigo Rato resigns and is replaced by Jose Ignacio Goirigolzarri. Initially we speak of a need for recapitalization of 4,000 million Euros, but finally gives a figure of around 25,000 million Euros to rescue Bank. Stocks tumble, and Spain about the need for the bailout by the EU.

bailout-bank

Differences between Spain and previous bailouts

Have tried to establish a number of fundamental differences between the cases of Greece, Ireland and Portugal, which was a bailout of the economy of different countries, and the case of Spain, which is a limited rescue the banks. Keep in mind that in recent weeks, the Spanish government denied the possibility of a banking bailout, which ultimately occurred.

Press Conference of Minister of Economy

The Economy Minister Luis de Guindos, made ​​a press conference to explain the manner and conditions of redemption. Thus, said this: “There will be plans of reorganization and restructuring in entities logically be helped and divestitures. The loan is to FROB now borrows on better terms than previously, and from there injected into the banks.” Luis of Guindos has made ​​clear that the bailout not a bailout of the Spanish economy, but without ever using the word rescue, aid to Spanish banks through the FROB. Some voices have criticized the media’s non-presence of the Prime Minister, Mariano Rajoy in this testimony explaining the details of the Spanish banking bailout, while it is scheduled to assist the football match of Spain in the European Championship in Poland .