Spain’s Bank Crisis Hurts Companies Foreign Bids, Expansion Says

Spain’s banking crisis is hurting companies bidding for international contracts as foreign governments don’t accept guarantees by local lenders, Expansion reported, without citing anyone.

Even guarantees made by Banco Santander SA (SAN) and Banco Bilbao Vizcaya Argentaria SA (BBVA) weren’t enough for companies bidding for infrastructure projects in Asia and Africa, the newspaper said.

Some overseas administrations are forcing Spanish companies to use foreign banks’ guarantees to present bids for projects as they don’t trust the solvency of Spanish lenders, it said.

To contact the reporter on this story: Manuel Baigorri in Madrid at mbaigorri@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net

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