Government will pour in billions more to prevent collapse
(NEWSER) - Spain's banking crisis grew sharply worse yesterday, as officials at Bankia, the country's leading mortgage lender, said it would need an additional $24 billion, reports the New York Times . The move effectively nationalizes the troubled bank, just two weeks after the government took over 45% of Bankia , and single-handedly would nearly double the size of all the Spanish government's banking bailouts since 2010, notes the Wall Street Journal . Standard & Poor's also cut its credit rating on Bankia and two other Spanish banks to junk status, and lowered the ratings on two other banks. More»