Thursday, November 29, 2012

SPAIN to overhaul rescued banks as condition of aid:

Three nationalized Spanish banks will more than halve their balance sheets in five years, cut jobs and impose losses on their creditor bondholders in return for a euro zone rescue, while a fourth will be sold off, the European Commission said.

The measures, approved by the Commission on Wednesday, are a condition of 40 billion euros ($52 billion) in aid that offers hope for an end to a banking crisis which has pushed Spain to the brink of a sovereign bailout to keep the government afloat.