From Money News
"Spain rescued real estate lender Bankia, and more such bailouts will likely follow, says Christopher Whalen, Senior Managing Director of Tangent Capital Partners in New York.
Spanish newspaper El País reports Bankia and its parent, Banco Financiero y de Ahorros (BFA), which holds most of the troubled loans, need the euro equivalent of $13 billion in government cash injections to clean up distressed assets from the property sector.
Like the U.S., Spain got caught up in the real estate boom, but the Spanish banking system and broader economy suffered much more than that of the U.S., home to a much larger and much more diverse economy."
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