Spanish Market

The prediction yesterday by José Luis Rodríguez Zapatero, the Spanish prime minister, of mergers among the country’s weaker banks merely brought into the public domain a looming reality accepted months ago in private by Spanish bankers.
“When there’s a time of grave crisis like this, it’s likely that there will be merger situations and restructurings not [...]

Banks have crumpled throughout Europe but the real economy is more or less alright. In Spain, it is the other way round. The economy is in recession, unemployment is soaring, and the property market - one of the world’s most elevated - has crashed. Oddly, however, Spanish banks seem to be fine.
This is largely thanks [...]