Spain’s plans to save the savings banks

26/06/09 20:11 CET

economy

| |

Spain’s government has created an emergency rescue fund for the country’s financial sector. It has allocated nine-billion euros to help facilitate re-organisation among financial institutions, in particular the numerous regional savings banks.

The Economy minister, Elena Salgado said: “It’s really an appropriate time to make sure that the savings banks are strong enough to see through the process of merger, takeover and consolidation.” Spain’s main banks were relatively-speaking spared from the effects of the American sub-prime lending collapse that sparked the worldwide credit crunch. But the savings banks have been widely exposed to the crisis in Spain’s own property market.More about: Economy, Spain

| |

Mali: Rebel groups agree to creation of Islamic state

Two Rebel groups have agreed to merge and create an independent Islamic state in Northern Mali. After seizing Azawad – an area larger than France – two months ago, the groups had initially disagreed, with the secular Movement for the Liberation of Azawad (MNLA)…