IMF Sees Spain Progress, Wants Failed Lenders Wound Down

The International Monetary Fund said Spain had taken important steps in restructuring its banks as it called for failing lenders to be wound down and for a push to get the country’s bad bank working by December.

“The main finding of the preliminary report mission is that important progress has been made in reforming the financial sector,” the IMF said in a statement today during the first visit this month by a team of its officials to monitor Spain’s bank rescue. “It will be important to maintain the momentum as important challenges lie ahead.”