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The Bank of Spain is to take over Caja Castilla la Mancha in the first bank bail-out in Spain since the global financial crisis began.

Correction: the Bank of Spain has taken over CCM. This is not a bailout but receivership. It is the first bank failure since Banesto in 1993.

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith
by Migeru (migeru at eurotrib dot com) on Tue Mar 31st, 2009 at 09:34:15 AM EST
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