Bankia Rescue Plan to be Revealed, Other Spanish Banks Face Scrutiny
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Today Spain's Economy Minister is expected to give details on the government's bank rescue plan, including their plans for Bankia. Bankia is at the forefront of the banking crisis in Spain and had to be partially nationalized recently after suffering from rising mortgage defaults.
Goldman Sachs has been chosen to audit Bankia's books, as the markets appears to have little trust in the Spanish government.
Other banks in the region are also being scrutinized very closely by the market. The Institute of International Finance (IIF) said Spain's banks could need another 76 billion euros to cover losses upwards of 260 billion euros.
Investors interested in buying or shorting the Spanish stock market can take a look at iShares MSCI Spain ETF (NYSE: EWP) which tracks equities in the Spanish stock market.
Goldman Sachs has been chosen to audit Bankia's books, as the markets appears to have little trust in the Spanish government.
Other banks in the region are also being scrutinized very closely by the market. The Institute of International Finance (IIF) said Spain's banks could need another 76 billion euros to cover losses upwards of 260 billion euros.
Investors interested in buying or shorting the Spanish stock market can take a look at iShares MSCI Spain ETF (NYSE: EWP) which tracks equities in the Spanish stock market.
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