First, the Spanish government partially nationalized the country’s fourth-biggest bank. Now it’s thought the troubled Bankia is getting ready to ask for a 15 billion euro bailout.
Share trading was suspended on the Madrid stock exchange in the wake of the news.
Shares in the Bankia’s parent company, BFA, have also been suspended.
Bankia suffered heavy losses under the weight of the country’s property crash in 2008. And there have been increasing worries the bank – along with some of the others – might ask for international help, making it a major risk to the entire eurozone.
Meanwhile, anti-austerity protests have reached fevered pitch in Spain in recent months, as the government tries to implement labor law reforms in a drive to save 45 billion euros.