Spain is planning a state bailout of Bankia, the country’s third-biggest bank by assets, in a move likely to involve the injection of billions of euros into the troubled lender.
In an abrupt policy reversal, the Spanish government, which had previously insisted that no additional state money would be needed to clean up the banking sector, confirmed that an intervention was being prepared.
Soon after the news broke, Rodrigo Rato, Bankia’s executive chairman and former International Monetary Fund managing director, resigned from the bank, formed in 2010 from the merger of seven Spanish savings banks, or cajas.
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