Now ANOTHER Four Spanish Banks Are About To Merge

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Photo: commons.wikimedia.org

Four more Spanish banks are on the brink of merging making this the third bank action in Spain in as many days.CajaMurcia, Caja Granada, Sa Nostra, and Caixa are joining together in a SIP (System of Integrated Protection), which will combine bank reserves and result in a firm worth €100 billion, according to Cotizalia (and heard through Zero Hedge).

This comes after yesterday’s announcement that four banks, Cajastur, Caja de Ahorros del Mediterráneo, Caja Extremadura, and Caja Cantabria were merging under a similar agreement.

All of this started with the weekend’s €530 million bailout of CajaSur, and is sure to continue as Spain tries to sure up its banking sector under IMF pressure.

Now check out why this is just the beginning of the Spanish debt crisis >

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