Antonio Ramirez News
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Spain plans to partly nationalize BFA- Bankia group as Prime Minister Mariano Rajoy tries to restore investor confidence with his second overhaul of lenders in three months, a government official said.
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Bailing out Bankia again after replacing top management may not be sufficient to persuade investors that Spain is doing enough to repair a banking system burdened by bad loans and real estate.
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Spain’s surging bad loans are spurring doubt on whether the government can persuade investors that it can clean up the country’s banks without further damaging public finances.
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European banks are losing deposits as savers and money funds spooked by the region’s debt crisis search for havens, a trend that could worsen economic and financial conditions.
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Sister Inmaculada Torano, a 47-year- old Spanish nun, stepped in to negotiate when Bankia SA tried to repossess the home of a student at the school where she works over missed mortgage payments.
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Portuguese lenders Banco Comercial Portugues SA, Banco Espirito Santo SA and Banco BPI SA may report losses for 2011 after an increase in impairments related to pension liabilities, Greek bonds and bad loans.
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Banco Santander SA, Spain’s biggest lender, agreed to buy KBC Groep NV’s Kredyt Bank and combine it with its Polish division to create the country’s third-biggest lender valued at about 5 billion euros ($6.7 billion).
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Banco Sabadell SA agreed to acquire stricken Spanish lender Caja de Ahorros del Mediterraneo for one euro in a deal financed and guaranteed by Spain’s commercial lenders to shield the national budget from losses.
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Spanish banks have more than 30 billion euros ($39 billion) in debt coming due in the next four months. That’s spurring investor doubt on their future profitability as higher financing costs eat into margins.
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Spain’s cabinet approved new rules to limit what regulators see as over-aggressive competition among banks to attract customer deposits.
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