Spain Unbowed on Cajas
Posted by | Posted in Business News | Posted on 18-02-2011
MADRID—Despite complaints from Spain’s ailing savings banks that reform efforts are moving too swiftly, the Spanish government is standing firm in its push to quickly convert the local institutions into traditional banks, according to people familiar with the matter.
The government’s new solvency decree will firm up a set of ambitious overhauls announced by Spanish Finance Minister Elena Salgado last month. It represents Spain’s latest effort to confront the structural problems of the euro zone’s fourth-largest economy, which has been badly damaged by the implosion of its once-mighty real-estate sector.
The new rules will likely result in the end of …
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