According to the Associated Press, Bankia, the fourth-largest lender in Spain, is asking for even more money after receiving over 4bn euros a few weeks ago.Today, the bank is holding a board meeting to decide how much more money it needs from Spain’s government.
Here is the entire story of Bankia.
- Bankia has already been partially nationalized. The Spanish government injected 4.5bn euros into Bankia just over two weeks ago.
- Now, the Spanish government has said that they will be pumping at least 9bn euros, or $11 billion, into the lender. However, Spanish newspapers have quoted market sources estimating 15bn euros, or $19 million, will be injected in this latest round.
- Shares of Bankia are being suspended ahead of the board meeting that will decide how much it will ask for from the Spanish government.
Amidst the issues with Bankia, the wealthiest region in Spain is begging the central government for more cash. Things are certainly getting grim in Spain.