Spain's Savings Banks Face Consolidation or Insolvency

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May 28 (Bloomberg) -- Bloomberg's David Tweed reports from Madrid about the financial position of Spanish savings banks. The so-called cajas helped fuel Spain’s housing boom, accounting for about 50 percent of loans, and since the property crash triggered by the country’s worst recession in 60 years the lenders have been under pressure to merge. The Bank of Spain seized CajaSur on May 22 after the bank lost almost 600 million euros ($742 million) in 2009. (Source: Bloomberg)

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