Spanish bank for sale, free with zero down
Mar 25, 2013
With all eyes on Cyprus, many have missed the news about Spain and its banks. After asking for a bailout, Spain had to nationalize its bankrupt banks and take responsibility for the losses. For Americans who do not remember the 1930's, here is what bank failure looks like.
MADRID—The Spanish government will impose heavy losses on investors at nationalized banks and hire external advisers to help it manage these banks' assets, its latest efforts to overhaul a financial sector battered by the collapse of a decadelong housing boom....
The decision to solicit advice in drafting a long-term strategy for these lenders came after the state-backed Fund for Orderly Bank Restructuring failed to sell one of them, midsize Catalunya Banc SA....
The restructuring terms announced by the FROB will impose losses of up to 61% at Spain's largest nationalized banks....
Last month, the FROB said the preferred shareholders at Banco de Valencia SA, a smaller nationalized bank, faced losses of 90%.
Overhauling the banks is a key part of the government's efforts to turn around an ailing economy, now in its sixth consecutive quarter of recession. Bank credit is shrinking and unemployment has shot past 26%.
Now aren't you glad you live somewhere else? Enjoy it while you can. If you don't move to Spain, Spain may come to you.
Seriously, though, as believers, we should never act out of fear. Prudence is wisdom, and God has always issued warnings far ahead of disasters for those who have ears to hear. If we know and understand the divine plan for Mystery Babylon and for the emerging Kingdom of God, we will have time to pray and get His direction. Then we can walk out of the danger zone in a normal pace and not have to scramble and flee for our lives.
Dr. Stephen Jones