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Tuesday, August 28, 2012

More Bank Woes from Spain

The Daily Mail reports:
Spain's debt-ridden region of Catalonia will seek a rescue bailout of £4billion from a central government fund, it emerged today.

The northeastern region, which has Barcelona as its capital, became the third region after Valencia and Murcia to officially ask for aid.

Many of the 17 semi-autonomous regions are struggling with the recession, the country's second in three years, following a real estate crash in 2008 that has pushed the unemployment rate to near 25 per cent.

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A rush by consumers and firms to withdraw their money from Spanish banks also intensified in July, with private sector deposits falling almost five per cent, to £1.2trillion at end-July from £1.26trillion a month earlier.

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