4 Stories

Central Bank Chief Issues Dire Euro Warning

Mario Draghi tells leaders they need to move fast to save currency union

(Newser) - If alarm bells weren't already ringing in Europe, this would set them off: The chief of the European Central Bank has warned that the current structure of the eurozone is "unsustainable" and the 17 member states are going to have to move swiftly to rescue the currency union,... More »

Spanish Bank on the Brink as Run Fears Grow

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... More »

Rumors of Bank Run in Spain Trigger Stock Plunge

More bad news today drives market down again

(Newser) - These are nervous times in Europe. Shares in Bankia, a Spanish bank partly nationalized by the government last week , plunged 30% at one point yesterday following reports that customers had withdrawn more than $1.3 billion over the last week, reports Reuters . Bankia shares recovered some ground after the government... More »

Spain Takes Over 'Poster Child' Bank

Part-nationalization to cause huge losses for Bankia investors

(Newser) - Merging seven struggling banks in Spain appears to have created a big, struggling bank instead of the healthy institution authorities were hoping for. The Spanish government is now grabbing a controlling 45% stake in Bankia, the nation's fourth-largest lender and the one with the most exposure to the country'... More »

4 Stories