Eurozone rescues failed Spanish banks in exchange for brutal cuts

Nationalised Bankia and three others to shed 10,000 jobs in return for €37bn to clean out toxic real estate assetsFour failed Spanish banks including the nationalised giant Bankia have been rescued by the eurozone’s bailout fund in exchange for brutal cuts to their workforces, branch networks and balance sheets as tens of thousands of small retail bondholders were also hammered.Bankia, Catalunya Banc, Novagalicia and Banco de Valencia were set to shed more than 10,000 jobs in return for receiving €37bn (£29.9bn) to clean out toxic real estate assets that will be transferred to a Spanish “bad” bank.The news came Full Story Eurozone rescues failed Spanish banks in exchange for brutal cuts

Full Story Eurozone rescues failed Spanish banks in exchange for brutal cuts

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