A man is reflected in the Bankia bank HQ in Madrid, May 9, 2012. Spain's Prime Minister Mariano Rajoy dodged a question on whether the government planned to nationalize Bankia, Spain's 4th-largest bank and the most exposed to bad loans on real estate.
"The Pain in Spain That Threatens the Eurozone"
Magazine or Newspaper Article, CNN.com
May 31, 2012
Belfer Center Programs or Projects: International Security
Ernest May Fellow in History and Policy Pierpaolo Barbieri is extensively quoted in this news article.
"If Greece was the focus of markets' angst last week, attention this week has shifted to the other end of the Mediterranean.
Spain's public finances are nothing like as grim as the Greeks', but a worsening banking crisis threatens to deepen an already painful recession and endanger the future of the eurozone.
The immediate cause of the pain in Spain is the need to recapitalize the country's fourth-largest bank, Bankia — itself an unwieldy amalgam of previously-ailing financial institutions...."
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