Bank of Spain takes over Caja Mediterraneo, or CAM

The Spanish Central Bank will supply 2.8 billion euros ($4.02 billion) in a cash-for-stock transaction, read here, from the Latin American Herald Tribune. The deal was announced last Friday but seems little unpublicised in Europe. The rot in Spanish banking seemingly not worthy of much attention.

To meet CAM’s immediate liquidity needs, Banco de España also will extend the regional savings bank a 3-billion-euro ($4.3-billion) emergency line of credit.

The Board of Directors of CAM were sacked yesterday! A good example for Britain!