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Almunia Sees November Action After ‘Rigorous’ Spain Bank Review

Oct. 2 (Bloomberg) -- European Union Competition Commissioner Joaquin Almunia said recapitalization of Spanish banks may be able to move forward in November now that an independent review has established a 59 billion-euro ($76 billion) capital shortfall.

“I think this has been a very detailed exercise, a rigorous one with a huge amount of work being done,” Almunia told reporters today in Nicosia, Cyprus. “I think it is really transparent and trustful.”

To contact the reporters on this story: Stelios Orphanides in Nicosia at; Rebecca Christie in Brussels at

To contact the editor responsible for this story: James Hertling at

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