Spanish Bank Shares Plummet Amid Fears

Shares in the Spanish bank, Bankia, were down 14% after reports about the struggling bank’s finances.

The bank denied reports that customers had withdrawn over 1 billion euros from various accounts. The bank is set to be part-nationalized.

A Royal Bank of Scotland spokesman said that the problem is that the Spanish government cannot bear all the weight of the banks in Spain should they all fail at the same time. Continue reading