Bank of Spain bail-out spooks investors
Spanish stocks tumbled on Monday as investors grappled with the Bank of Spain's rescue of CajaSur, a savings bank, on Saturday.
The central bank said the move to place the troubled lender in administration was "a result of the institution's viability problems and... the impossibility of concluding the integration agreement with Unicaja." Talks on a merger with Unicaja, a larger, Malaga-based savings bank, broke down at the end of last week, forcing the central bank to intervene.
The Ibex 35, the
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