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Hoping to put an end to a four-year banking crisis, Spain’s government has effectively taken over Bankia SA, one of the country’s biggest banks, after days of market anxiety over the lender’s viability.
The partial nationalization of Bankia came about through the conversion of 4.5 billion euros worth of loans into state-owned shares – making the Spanish government a 45% stakeholder.
Bankia’s 184 billion euros in toxic property assets render it the most exposed of Spain’s banks, but officials say further measures are in the works for others in the sector.
Analysts worry, however, that the Spanish government is itself too financially fragile to absorb the costs of the rescue and that the plan will only quicken a return to an economic crisis in the eurozone.